AI Scams Pose Threat to Millions in Cardano (ADA)

AI Scams Pose Threat to Millions in Cardano (ADA)

June 7, 2023

Charles Hoskinson, the creator of Cardano (ADA), has issued a stark warning about the potential rise in cryptocurrency scams driven by generative artificial intelligence (AI). He anticipates that these scams could result in the loss of millions of dollars worth of ADA within the next year, according to a recent report by The Daily Hodl.

In a video update released two days ago, Hoskinson expressed his concern about the future of crypto security, stating that despite his repeated warnings, people are likely to fall victim to these scams. He emphasized that there’s no such thing as a free lunch in the crypto world, and any offer that seems too good to be true probably is.

Hoskinson further explained that the advent of generative AI has complicated matters, as it can create convincing fake videos and audio to deceive potential victims. This technology, he warns, could be used to create a false sense of trust and authenticity, leading people to fall for scams.

In light of these concerns, Hoskinson suggested using Pretty Good Privacy (PGP) keys as a reliable method of verifying identity. PGP is a program that provides cryptographic privacy and is used for data communication authentication. He stressed that visual and auditory information can no longer be trusted implicitly in the current digital landscape.

Hoskinson ended his message with a stern warning about scammers, describing them as soulless individuals whose only goal is to steal money. He urged the crypto community to remain vigilant and to take necessary precautions to protect their investments.
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