AI and Deepfake Threats to Cryptocurrency Security

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Evolving Beyond Video and Audio

In a recent discussion with Cointelegraph, a CertiK expert warned that AI and deepfake attacks are evolving beyond video and audio and are now targeting cryptocurrency users. The security firm’s representative highlighted the potential risks to wallets that rely on facial recognition for access.

The Risks to Wallets

“If a wallet uses facial recognition to secure critical information, it must assess how well its solution can withstand AI-related threats,” the expert advised.

Support from Security Experts

Louis Corrons, a security expert at Norton, supports this concern, stating that AI attacks on cryptocurrency holders are likely to persist due to the significant advantages they offer to cybercriminals.

The Attraction for Cybercriminals

“Cryptocurrency transactions often involve substantial amounts and can be executed anonymously, making them highly attractive to cybercriminals. Successful attacks yield more significant financial rewards and lower the risk of detection,” Corrons explained. The analyst also pointed out that the lack of cryptocurrency regulation provides cybercriminals with more opportunities to exploit with minimal legal consequences.

Notable Incidents

Previously, fraudsters used a deepfake of Elon Musk to trick an 82-year-old retiree into losing $690,000. In another incident, during the launch event for new iPhones and other Apple products, YouTube was flooded with live streams featuring deepfakes of Apple CEO Tim Cook, falsely promising to “double the deposit” in cryptocurrencies.