Researchers at San Diego State University in California developed an artificial intelligence to detect crypto scams in X.
The increasing popularity of cryptocurrencies is also whetting the appetite of scammers. Many scams involve imitation of cryptocurrencies and cryptocurrency projects. Especially social media platforms host this situation.
X, formerly Twitter, has become the most widely used social media channel in the crypto industry. Researchers in the USA have developed an artificial intelligence with the aim of detecting frauds occurring in X.
An AI that discovers crypto scams
Researchers at San Diego State University in California have developed an artificial intelligence system called GiveawayScamHunter. This system is used to discover, track and expose crypto scams on X.
GiveawayScamHunter discovered that between June 2022 and June 2023, 87,617 accounts created in X were performing crypto scams. Artificial intelligence created 95,111 scam lists on popular social media.
Researchers have developed an artificial intelligence tool that automatically extracts websites and crypto wallets associated with fraud. The system found 327 fraudulent internet domains and 121 new fraudulent crypto wallet addresses.
The team trained a natural language processing tool on data from previously identified giveaway scams to find out which listings were involved in sweepstakes scams. Using this method, researchers uncovered about 100,000 gift scams.
The following statement was included in the report; “Following the transactions of fraudulent cryptocurrency addresses, this study reveals that more than 365 victims were hacked by the fraudsters, resulting in an estimated $872,000 financial loss.”
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