AI has made everything so easy. You can use AI to do the legwork for you. However, AI has not only made things easy for the upstanding citizens. In other words, AI can now be used by criminals to inflict the maximum hurt on the general population with the least amount of resistance. One such method is AI-driven facial recognition attacks.
According to the current CEO of Binance, Richard Teng, there has been a general rise in cases of facial data attacks. In these attacks, criminals utilize AI to extract facial data from publicly available images and videos of individuals. This data is then used to steal assets, such as cryptocurrencies.
As a result, Binance is seeking to enhance its cybersecurity protocols. However, Teng also suggested that users must take steps to make their accounts more secure and refrain from posting their facial data online. This sounds like something out of a cyberpunk novel, but it is a real threat that new-wave traders need to deal with.
Market Movement Post Announcement
Teng shared his opinion that such attacks are corrupting the ecosystem. As a result, his firm, Binance, will be looking to amp up its cybersecurity protocols. This immediately moved the market. There was a 1.8% decline in BTC prices on Binance. This trend was also followed by ETH, which showed a 2.1% decline.
On the other hand, the trading volume for ETH and BTC spiked by a whopping 12%. This suggested that a single tweet from the CEO increased market activity in the blink of an eye. However, AI-driven tokens, such as Fetch.ai, saw a sharper drop of 3.5%.
Therefore, this highlights the threat that AI-driven thefts and scams pose to the broader ecosystem.
