The Dark Side of Artificial Intelligence: Is Deep Fake Becoming Crypto's Nightmare?
Artificial intelligence (AI) technology has made groundbreaking developments in many areas of our lives. However, despite the benefits this technology offers, it also has a dark side. This technology, called deep fakery, makes it possible to produce unrealistic content by manipulating images, audio recordings or photographs of real people with the power of artificial intelligence. This situation has become an increasing threat, especially in recent years, and threatens the security of both individuals and sectors.
Cryptocurrencies are one of the fastest growing areas in the financial world recently. However, this rise brings with it new risks. The latest report published by Bitget Research reveals that Deep Fake poses a serious threat to the cryptocurrency industry.
According to the report, there was a tremendous increase of 245% in malicious Deep Fake cases in 2024 compared to the previous year. This increase shows that institutions and investors operating in the cryptocurrency space are increasingly likely to be exposed to various cybercrimes, such as fraud through Deep Fake.
Another worrying prediction in the report is that the cost of Deep Fake may increase even more in the future. Bitget estimates that despite international action against Deep Fake, quarterly costs resulting from these crimes could reach $10 billion by 2025.
In addition to these figures, it is predicted that the damage caused by Deep Fake crimes by the end of 2024 will probably be around 25.13 billion dollars. These data paint a chilling picture of the seriousness of the problem.
Bitget CEO Gracy Chen underlines the danger that Deep Fake poses to the cryptocurrency industry. Chen emphasizes that criminals are pushing this technology into the crypto industry “at full speed” and that the most effective method to eliminate this threat is “appropriate education and awareness.”
Apart from the awareness process, technology companies also need to take responsibility to reduce the use of Deep Fake in the cryptocurrency space. Detecting and blocking Deep Fake should be made easier by developing more secure platforms.
Another striking information in the report is that social engineering and bot fraud constituted 14.21% of Deep Fake crimes in the first quarter of 2024 and caused a loss of $ 2.03 billion during this period.
This shows that Deep Fake is not only targeting individual celebrities, but is also being used to defraud people who invest in digital assets such as cryptocurrency.
Bitget analysts predict a 70% increase in cryptocurrency-related Deep Fake crimes by 2026, stating that the only way to prevent this problem is through “regulatory intervention”. Governments and international organizations need to make regulations on this issue and ensure that crimes committed through Deep Fake are met with deterrent penalties.
Otherwise, it seems inevitable that financial losses from Deep Fake will continue to increase and become a major threat to both the cryptocurrency industry and the traditional financial system.
