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- 1 Cardano’s co-founder has pointed out Generative AI’s potential to manufacture authentic impersonations.
- 2 Users should demand verification via PGP key signatures.
Cardano (ADA) founder, Charles Hoskinson, claimed on Twitter that Ethereum Classic (ETC) is now a ‘scam’ and that there have been many warnings given to crypto users regarding scammers and their scams.
Scams in the Crypto Market and Generative AI
Cardano’s co-founder was live on June 4 on Youtube, and he dived into the topic of crypto scams. He expressed alarm about the evolving threats and scams within the crypto market, particularly with the dawn of Artificial Intelligence (AI) technology which is rapidly increasing the potential of scammers to find new ways to trick users into losing their crypto.
The crypto millionaire warned scammers about facing severe penalties and punishments, whenever they are discovered. He said, ‘sometime back, there was a scammer found dead stuffed in a suitcase. It’s absolutely not correct but it’s probably going to happen when you take away the hard earned money of somebody.’
He expressed his concern about how ‘Generative AI’ could leverage technology to create convincing content.
The resulting scams could victimize thousands of people. Hoskinson mentioned that he has seen multiple scams even after he posted multiple live videos and tweets to raise awareness of this issue.
As per his predictions, millions of dollars worth of cryptocurrencies, including ADA, will be stolen in the upcoming 12 to 24 months. He believes that Generative AI can be a medium used to manufacture authentic impersonations of known public figures.
You Don’t Get Something for Nothing
Hoskinson’s recent Twitter post was a reminder that he will ever email users directly.He had to make this clear since scammers all around the world impersonate him regularly in an attempt to steal money from users.
Just a reminder that I'll never email you directly. Every day scumbag piece of shit scammers impersonate me attempting to steal money from you. If you think you're talking with me, then ask the person to verify his identity with a signature from my PGP key. They can't pic.twitter.com/Qmpm06J8R8
— Charles Hoskinson (@IOHK_Charles) June 5, 2023
He asked all to use their reason and common sense. He said, ‘If you think you’re talking with me, then ask the person to verify his identity with a signature from my PGP key. They can’t’.
He makes a fair point,considering the dimensions of scams in today’s market. He has a phrase to keep in mind to avoid scams ‘You don’t get something, for nothing. If the offering to you for anything is like this, then it was, it is and it will always be a scam.’
To be safe from these kinds of scams, users must rely on a proper authentication process and adopt effective precautionary measures. As the old adage says, prevention is better than cure.
Hoskinson said, ‘believing somebody who is pretending to be somebody else would only lead users to losses’. Generative AI, according to him, is progressing rapidly, and so is the crypto market.
The Future of Crypto Scams https://t.co/yaCk5PrL04
— Charles Hoskinson (@IOHK_Charles) June 5, 2023
Cardano’s Current Status
ADA’s price today is $0.354535 USD having a 24-hour trading volume of US $293,908,164. In comparison with the last frame, ADA is down by 5.14%.
As per the ratings of CoinMarketCap, ADA is ranked 7th, with a worth of US $12,371,131,624. The circulating supply of Cardano as of now is 34,893,951,466 ADA which is from the total market supply of 45,000,000,000 ADA coins.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
