Author: Anmol Khatiwada

AI: Double edged sword

At a recent symposium sponsored by the United States Department of Justice one of the most talked about topics was Artificial Intelligence and how it is a double-edged sword. Representatives from the Criminal Division discussed how artificial intelligence technology can help prevent crimes rising on the development of digital technologies, especially on crypto.

AI was discovered at the conference as a double-edged sword. On one hand, it can enhance security on the other it gives thieves and hackers easier access. Argentieri revealed a brand-new strategy to stop cybercrime using artificial intelligence. It depends on conventional law enforcement and also makes use of technologies to stop, monitor, and stop cybercrime.

Given the distributed character of cryptocurrency, privacy threat is considerably more actual in the crypto space. Crypto and blockchain technology helps transactions to be anonymous, which is sought by criminals. Artificial Intelligence helps in trading by helping users with identifying transactional trends and helping them choose which one to invest in. Therefore, AI has both pros and cons in the crypto market. Recent news on AI-written malware scripts has been circulating the web, this really shows how AI can be more dangerous than useful. On the bright side, AI has helped in the growth of the crypto market significantly and new AI products have made research, video editing, etc. much easier. Therefore, AI is a double-edged sword.

AI tokens are booming

AI crypto continues to captivate investors’ attention with its rising volume in the crypto scene. Driven by machine learning technologies and modern AI has made crypto AI a reliable source to bet on. Over the past week, several AI tokens have seen their trading volume reach unprecedented levels.

Top AI tokens really illustrate the rise of tokens. The performances of RENDER, Bittensor (TAO), and Worldcoin (WLD) have set them as the main players in the AI platform. RENDER weekly trading volume was $2.20 billion, thus placing itself at the top of AI cryptos. However, despite this positiveness, its price dropped by 14.2% that same week. With a market capitalization of $2.8 billion, RENDER still remains a key player but this volatility worries investors about its short-term stability.

Medium-sized AI cryptos like Artificial Superintelligence Alliance (FET) and IO also made headlines. The FET known for its decentralized machine learning saw its volume reach $1.6 billion. However, the asset price fell by 11% making its capitalization $3.5 billion. FET is also actively launching new products and is planning big ideas for the future. Meanwhile, IO, a still-unknown but rapidly developing token, saw its weekly volume settle at $370 million, despite a 14.6% loss of value. It has low capitalization compared to others which hesitates investors into buying it, but some risk-takers have been investing constantly.

The smaller cryptos such as Delysium (AGI), Masa (MASA), Akash Network (AKT), Turbo (TURBO), and TARS AI (TAI) also show huge potential in being big. Especially with TURBO going on a constant increase over the past week and continuing its momentum this week.

Top 4 AI crypto: Potential for Major Growth

Few AI-driven companies are catching the eyes of experts as the next big thing in the market. While Bitcoin holds its place, these four alternatives are poised for explosive growth. These platforms are generating buzz and promising potential of astronomical growth in the upcoming months.

CYBRO

CYBRO token presale surged above $3 million capturing the attention of crypto whales. This cutting-edge DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition. CYBRO tokens are available at a presale price of just $0.03 and experts estimate a return potential of 1200%. This rare, technologically advanced project has already attracted big crypto whales and influencers, indicating strong confidence and interest.

Only 21% of the total tokens are available for presale and almost 80 million have already been sold, this is a key moment for savvy investors to secure a stake in a project that’s truly one in a million.

Fetch.AI

Their project aims to make AI more accessible to everyone using its decentralized network. Fetch.AI helps in various applications like improving DeFi trading, managing transport systems, and enhancing smart energy grids. With their new project coming every month it promises growth over time. Its new collaboration with $CUDOS, NET, and ocean protocol seems to be going well, and together they are set to drive the future of decentralized AI development.

NEAR Protocol

NEAR price analysis shows a rapid rise towards the $5.30 mark. The last 24-hour trading volume reached $478,640,987. With a circulating supply of 1.1 Billion NEAR, the NEAR Protocol is valued at a market cap of $5,677,256,524. Unlike traditional centralized systems, NEAR offers a decentralized approach to data storage. It has bout $20 million in funding from top capital firms. NEAR’s focus on developer support and scalable infrastructure positions it as a promising player in the world of blockchain technology.

Internet Computer

The main concern of ICP is to transform the way we use the internet. Developed by the DFINITY Foundation, it offers a way for decentralized applications to run smoothly and efficiently. It currently holds a price of $8.15 with a trading volume of $153,324,853. It has a total of 470 million ICP circulating and is valued at a market cap of $3,847,731,752. It seems to have declined by 10% over the past week but experts believe this is short-term and ICP could bounce back.

ICP’s innovative vision could reshape how we interact with digital services, offering new possibilities in the world of internet technology.

GPT Protocol and ApeBond create first ever AI focused decentralized exchange (DEX)

The collaboration between two huge AI platforms has come forth with their new creation, the first-ever AI-focused decentralized exchange(DEX) called Neuraswap. This partnership can transform the landscape of AI computing and blockchain technology. It is already set to redefine the intersection of artificial intelligence (AI) and decentralized finance (DeFi) enabling uninterrupted access to AI data and tokenized value.

The main project from this partnership Neuraswap is the industry’s first AI-focused DEX. AI-based companies and protocols can create and trade their tokens on GPT Mainnet. It makes their AI data valuable by turning them into tradable assets through tokenization. Through Neuraswap users are able to access AI data without any permission. This creates a decentralized marketplace where AI data is treated as an asset. DEX also makes it easier to generate value for their AI tokens and supports a more open AI economy.

ApeBond stands tall as the #1 bonding protocol in DeFi providing projects. It communicates with a secure, transparent, and accessible way to raise capital. It is known for its proven track record and continuous growth across multiple blockchain networks. For ApeBond this partnership gives the opportunity to expand its reach into the AI computing space and for GPT this partnership will resolve funding issues allowing Neuraswap to scale and maintain privacy and security for all AI token transactions.

Vietnamese authorities shut down crypto fraud

Vietnamese authorities shut down a crypto fraud run by a group from Laos. These foreign criminals defrauded victims of tens of billions of dong. Some key Vietnamese suspects trained for this digital deception have been arrested for their roles in this scheme, which included using fake cryptocurrencies to lure victims.

The criminal activities were based on the Golden Triangle Special Economic Zone in Laos’ Bokeo Province. The group especially made romantic approaches to victims and eventually lured them into buying their shady cryptocurrency. Their platform is Biconomynft which is a fake app that promises amazing returns. Over several months, they have reportedly managed to steal 17.6 billion dong from Vietnamese victims.

Scammers use fabricated social media profiles and connect with the victim pretending to be their lover. Once the trust was secured, victims were convinced to invest in their bogus cryptocurrency app. To establish legitimacy small returns were given to them but larger sums were seized and the victim’s accounts were frozen.

The shutdown of this fraud shows how the crypto space is tightening its security. This gives definitive proof of Biconomynft being a scam platform.

EU Drafts Experts for AI code of practice

The European commission is making strict rules for cleaner code of practice for AI developers. European commission appointed 13 experts all around the globe to draft a Code of Practice for General Purpose AI (GPAI) systems which includes popular models like chatGPT.

The group of professionals include PhD holders in AI, professor of civil, commercial and information law, researchers, doctors for medicine research and its application and experts in deep learning. The main goal of this act is to help AI developers obey the AI Act. It will focus on key areas like risk management, transparency, governance etc.

The team is stacked with talented individuals around the world who are trying to create a fair code of practice for developers. The commission will be taking several meeting with various stakeholders such as industry leaders, academics and community groups, by considering such different perspectives this will ensure a more comprehensive code. The drafting is said to be divided into 4 workstreams, each concentrating on a specific aspect of code. The experts aim to complete the Code by April 2025, including revision time. Once, completed this act will ensure ethical use of AI technology.

Russian Hackers Using Fake AI Sites to Steal Crypto

Summary

Russian hackers are sneaking into your devices and stealing your personal stuff using fake AI sites.

According to a recent report, Russian hackers are using fake AI sites as a trap to steal crypto wallet details. Cybersecurity firm suspects this to be the work of FIN7, the famous hacking group. The AI sites unknowingly download malware into your device.

Malware like RedLine and Lumma Stealer is designed to collect login credentials and other sensitive information including one’s crypto wallet details. By luring users into their fake AI site they install this malware into their PC, giving direct access to their personal information.

Zach Edwards, a senior analyst at Silent Push, explains that the majority of people targeted in this scam are tech-savvy individuals interested in AI tools. The hackers have cleverly disguised these sites to look legit by making effective use of Search Engine Optimization (SEO) and professional website design. Most of these websites promise deepfake nude images, which is directly connected to a Dropbox link which obviously doesn’t work and leaves the user with only malware on their devices. Some examples of such sites include “aiNude.ai”, “easynude.website” and “nude-ai. pro”.

FIN7 has a long history of hacking and and financial fraud, they are connected to several ransomware gangs, including DarkSide and BlackMatter. Although many of these sites have been taken down, experts warn anyone who interacted with them to consider whether their data is safe.

$120M Crypto Hacks in September

Summary

This past September hackers have managed to steal over $120 million from some big profiles on cryptocurrency platforms. Peckshield verified more than 20 incidents occurring during the month. The hackers are targeting both centralized and decentralized platforms.

The biggest damage by hackers in September was dealt to BingX, a Singapore-based exchange that lost about $44 million in a single incident. Penpie, a decentralized finance protocol also suffered a $27 million breach, making it 2nd most damaged entity by crypto hackers. Indodax, a leading cryptocurrency exchange in Indonesia, also suffered about $21million breach. These three represent a significant amount of losses the crypto community had to bear because of hacking.

Many other platforms, such as DeltaPrime, Truflation, Shezmu, Onyx, BananaGun, Bedrock, Cut, etc. were hacked, totaling up to $28 million which makes the overall hacked money well over $120 million. Despite the growing popularity of DeFi, it has become a major target for cybercriminals due to their insufficient security protocols. Most of the platforms hacked are from Asia, it seems that the hackers have found a way to exploit security gaps in the region’s rapidly growing crypto markets.

With September’s hacking, the total amount stolen in 2024 has reached a huge amount of $409 million. These incidents raise serious concerns about the security of the crypto market, casting doubt on its reliability and safety for investors.

The AI and Crypto Miners Power Struggle

With the rapid advancement of AI, systems need a lot of data centers to run and those data centers require a lot of energy. Electric Power Research Institute said US data center energy consumption will become more than double by 2030. This makes it 9% of the overall energy use.

For power-based companies, AI has become both a competition and an opportunity. AI data centers are getting more attention than cryptocurrency mining as AI is backed by large technology with more capital and power contracts. Every industry looks for profit and AI data centers are more likely to favor than cryptocurrency miners as AI is more lucrative and secure. Since AI has more financial backing, right now AI developers can more easily meet their power needs.

With this growing competition, crypto miners have found a way to cope by marketing whatever they have to AI data centers. It requires hundreds of thousands of dollars per megawatt of capacity to run cryptocurrency mining whereas it takes about $7 to $8 million dollar for an AI data center to function per megawatt of capacity, this is because AI data centers are more sound and sophisticated. They also require a lot of system cooling hardware. Even so, everyone says the future is shifting towards AI and they are investing a lot to cover its huge price requirements. One of the main techniques crypto miners are pitching power companies to let them use power is that, AI cannot be interrupted while crypto mining can be turned on or off rapidly making it a flexible load that can work on power-saving modes.

These are the things that are being discussed and the competition between these two energy-hungry industries has been greater than ever.

Chromia Partners With Elfa AI

Summary

Chromia just leveled itself up by teaming up with Elfa AI. Elfa AI is made for giving real-time instant market tips straight from places like X (Twitter) and Telegram. You can trade directly on the app and also customize alerts according to your vibes.

Chromia, a blockchain platform built to give users and developers more control with its flexible framework—like dedicated DApp chains, adjustable fees, and enhanced digital assets—just announced a big move. They’re investing in Elfa AI, an AI-powered social platform that helps people make sense of the fast-moving crypto market by providing real-time, data-driven insights. This partnership is all about using AI to give users smarter, more actionable information to navigate the world of crypto.

This investment is the first capital advancement from Chromia since it announced the Data and Ecosystem Fund during the Singapore-based Token2049 crypto conference. The total fund is estimated to be around $20 million. The fund aims to help the rise of AI ecosystem and blockchain supporting a wide range of projects.

Elfa AI is a social platform that uses artificial intelligence to give real-time market insights to users. This makes it easier for users to remain updated on the market and, also helps in choosing which crypto is better to invest in. It is always active on Twitter and Telegram, collecting data from everywhere to set a definitive review of the overall market. Users can also customize signals to their own unique preferences, trade cryptos directly through the app, and share it with others.

The collaboration between Chromia and Elfa AI feels seamless as Chromia’s relational blockchain architecture supports efficient management of large datasets which aligns with Elfa’s datacentric approach. Hence, the collaboration presents a longer-term opportunity for ecosystem growth.

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