Crypto Scams: How AI Enhances Threats on Huione’s Platform

by Giorgi Kostiuk

a year ago

In 2024, crypto scams amounting to $9.9 billion were observed, with advanced technologies like AI significantly exacerbating the situation.

AI Boosts Cybercrime

The Huione platform, which offers fraudulent service vendors, received at least $375.9 million in cryptocurrency in 2024. From 2021 to 2024, AI-driven scam revenues increased by 1900%. Generative AI allows the creation of fake identities, bypassing identity verification.

GenAI is amplifying scams, the leading threat to financial institutions, by enabling low-cost, scalable fraud that exploits human vulnerabilities.Elad Fouks

Huione Platform and Its Participants

The Huione platform hosts numerous vendors supplying AI tools for scams. The platform offers 'face-changing services' using AI priced at $200 in cryptocurrency. Payments on the platform indicate purchases of such software.

Interaction and Consequences

Analysis on the Huione platform revealed 2,345 transfers between different scam facilitators and services. Main players include infrastructure providers and social media management services actively exchanging funds and services.

AI development significantly contributes to the proliferation of scams, particularly on platforms like Huione. Measures must be taken to counteract this threat.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Japan Tightens Access to Crypto Through Regulated Exchanges

Japanese authorities are enforcing stricter access to cryptocurrency platforms, limiting services to those that comply with domestic regulations.

Rajesh Kumar2 days ago

PEPE Token Shows Strong Performance Against Major Cryptocurrencies

PEPE token showed strong performance with a 146% increase against USD, maintaining stability and key support levels.

Jesper Sørensen2 days ago

Vitalik Buterin Emphasizes Individual Sovereignty in Ethereum Development

Vitalik Buterin emphasizes the importance of individual sovereignty in Ethereum development, urging developers to prioritize resilience over convenience.

Lucas Weissmann2 days ago

Institutional Interest in Ethereum Grows Amid Regulatory Clarity

Institutional investors are increasingly building on Ethereum due to clearer regulatory frameworks in the U.S., leading to a surge in stablecoin transfer volume.