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## AI-Powered Threats in the Crypto Industry

In 2024, the crypto industry is expected to face significant challenges from AI-powered phishing scams, BRC-20 exploits, and vulnerabilities in smart contracts. Blockchain security firms have identified these as the biggest threats that crypto projects and investors are likely to encounter. With the increasing sophistication of scams and the evolution of social engineering tactics tailored to the crypto context, it is crucial for users to remain hyper-vigilant.

### The Role of AI in Phishing Scams

As Jesse Leclere, a blockchain analyst from CertiK, pointed out, the use of generative AI is expected to make phishing scams more nefarious. Hackers can leverage AI to automate operations and create convincing fake calls, videos, and messages to deceive potential victims. This could lead to a surge in “deep fakes” that aim to fool crypto users, as highlighted by Jenny Peng, a research analyst from 0xScope.

### Vulnerabilities in BRC-20 Ecosystem and Cross-Chain Bridges

Jenny Peng also warned that the emerging BRC-20 ecosystem may attract extra attention from hackers due to a relative lack of security developments. Furthermore, the use of cross-chain bridges for greater interoperability is expected to be targeted by attackers, exploiting vulnerabilities arising from complex interactions between different protocols and chains. Notably, many of the industry’s largest hacks have resulted from bridge exploits.

### Forecast for Illicit Activities in 2024

As Phil Larratt, director of investigations at Chainalysis, cautioned, bad actors are likely to become more adept at escaping with their ill-gotten gains in 2024. With traditional organized criminals and financial crime actors increasingly adopting crypto, there is a need for more intensive law enforcement investigations and advanced fraud protection programs. Privacy coins, bridges, mixers, and other obfuscation tools are expected to be utilized by scammers to a greater extent.

## How AI legalese decoder Can Help

AI legalese decoder can play a crucial role in addressing these challenges by leveraging AI and natural language processing to analyze and decode complex legal language found in contracts, regulatory documents, and legal agreements. The platform can help crypto industry professionals identify potential legal risks, detect fraudulent activities, and develop robust legal strategies to combat evolving threats posed by AI-powered scams, exploits, and vulnerabilities. By providing real-time analysis and actionable insights, AI legalese decoder empowers users to stay ahead of malicious actors and safeguard their interests in the rapidly evolving crypto landscape.

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