Stealth (XST) news

AI And Cryptocurrency Scams: Confronting The New Frontier

Artificial intelligence (AI) has rapidly transformed various industries and offers immense potential for innovation and efficiency. However, as with any powerful technology, AI also presents significant risks, particularly in the cryptocurrency space. Scammers have adopted AI to create more convincing and sophisticated scams for the purpose of targeting unsuspecting crypto users. This article explores how AI is used for crypto scams, provides strategies for avoiding these threats, and discusses how AI can be leveraged to combat these scams effectively. How AI Is Used To Scam In The Crypto Space Phishing Scams Phishing scams have become more sophisticated with AI, making them harder to detect. AI-generated emails and messages mimic legitimate communications from trusted sources, allowing scammers to create highly personalised phishing attempts that can easily deceive individuals into revealing sensitive information. ● AI-generated emails and messages: Scammers use AI to craft emails and messages that closely resemble those from legitimate cryptocurrency exchanges, wallet providers, or influential figures in the crypto community. These communications often contain convincing logos, professional language, and a sense of urgency to prompt victims into clicking malicious links or providing personal information. ● Deepfake technology: AI-driven deepfake technology enables scammers to create realistic videos or audio recordings of trusted figures in the crypto space. These deepfakes can be used to endorse fraudulent schemes, tricking individuals into believing they are receiving genuine advice or instructions from a reputable source. Malware And Hacking AI has significantly enhanced the capabilities of malware and hacking techniques, making them more effective and harder to counter. ● AI-driven malware: Traditional malware can be identified and neutralised by security software, but AI-driven malware adapts to defences in real-time. This malware modifies its behaviour to evade detection, posing a significant challenge for cybersecurity measures. ● Automated brute force attacks and keylogging: AI can automate brute force attacks, rapidly testing numerous password combinations to gain access to crypto wallets or accounts. Additionally, AI can enhance keylogging malware, which records keystrokes to capture sensitive information like private keys and passwords with greater accuracy and stealth. Investment Fraud AI has revolutionised investment fraud, making scams appear highly credible and enticing. ● AI-generated websites and whitepapers: Scammers use AI to create professional-looking websites and whitepapers for fake initial coin offerings (ICOs). These documents often include detailed roadmaps, technical jargon, and convincing graphics to appear legitimate and attract unsuspecting investors. ● Chatbots and AI personalities: AI-powered chatbots and personalities are used in social engineering tactics to build trust with potential victims. These AI entities can engage in convincing conversations, answer queries, and provide reassurances to lure individuals into investing in fraudulent schemes. Additional AI-Driven Scams AI is also employed in various other scamming methods: ● AI-scam tokens: Scammers create and promote AI-scam tokens to capitalise on hype, using AI to generate buzz and manipulate market sentiment. ● Large language models for hacking: AI tools can generate new code or analyse existing code for vulnerabilities, aiding cybercriminals in devising hacks. ● AI-generated disinformation: AI is used to spread false information, creating convincing fake news articles and social media posts to manipulate market sentiment and execute pump-and-dump schemes. How To Avoid AI Scams In Crypto Given the sophisticated nature of AI-driven scams, proactive measures are essential to protect yourself. Here are some strategies: Education And Awareness Staying informed about the latest scamming techniques and understanding how AI can be used maliciously is the first line of defence. Regularly educating yourself on common scams and their operation can help you recognise red flags and avoid potential traps. Security Measures Implementing robust security measures can significantly reduce the risk of falling victim to scams: ● Multi-factor authentication (MFA): Enabling MFA adds an extra layer of security to your accounts. Even if a scammer obtains your password, they would still need the additional authentication factor to gain access. ● Reputable hardware, wallets, and platforms: Use only well-known and reputable hardware wallets and cryptocurrency platforms. Research their security practices and user reviews to ensure they have a strong track record of protecting users' funds. Verification Practices Adopting thorough verification practices can help you avoid phishing and investment scams: ● Double-check URLs and sender information: Always verify the URLs of websites you visit and the email addresses of senders. Scammers often use addresses and URLs that are very similar to legitimate ones but with subtle differences. ● Research and verify projects before making any investment: Before investing in any cryptocurrency project, conduct extensive research. Verify the legitimacy of the project through multiple sources, check for reviews, and look for any signs of fraudulent activity. Technology Solutions Leveraging technology to combat AI scams is essential: ● Anti-phishing and anti-malware tools: Use advanced anti-phishing and anti-malware software that can detect and block malicious activities. These tools are constantly updated to address new threats. ● AI-powered threat detection systems: Utilise AI-powered security solutions that can analyse and identify suspicious activities in real-time, offering an additional layer of protection against evolving threats. How To Use AI To Avoid Scams In Crypto While AI poses a significant threat in the hands of scammers, it can also be a powerful tool for defence. Here are some ways AI can be used to protect against cryptocurrency scams: AI-Powered Security Solutions AI can enhance the capabilities of security systems by providing real-time analysis and responses to threats. AI-powered security solutions can monitor transactions, detect anomalies, and flag suspicious activities more efficiently than traditional methods. Fraud Detection Algorithms AI-driven fraud detection algorithms can analyse vast amounts of data to identify patterns and behaviours associated with scams. These algorithms can detect and block fraudulent transactions, protecting users from financial loss. Behavioural Analysis AI systems can learn and understand normal user behaviour to identify anomalies. For instance, if an account suddenly exhibits unusual activities, such as logging in from a different location or initiating large transactions, the AI system can flag these actions for further investigation. Blockchain Analysis Tools AI can be employed to analyse blockchain transactions and identify suspicious patterns. These tools can track the flow of funds, detect potential money laundering activities, and provide insights into the legitimacy of transactions and wallet addresses. Additional Recommendations Experts suggest several additional practices to protect against AI-powered scams: ● Avoid unsolicited communications: Refrain from responding to unsolicited emails or messages, especially those involving financial transactions or crypto investments. ● Stay informed: Regularly update yourself on the latest AI-powered scams and techniques. ● Use strong, unique passwords: Ensure your crypto accounts are secured with strong, unique passwords. ● Utilise hardware security keys: Lock your accounts with hardware security keys like YubiKey. ● Verify information sources: Always verify the authenticity of information sources before acting on any advice or instructions. ● Report suspicious activity: Report any suspicious activity to relevant authorities promptly. Final Words As AI continues to evolve, its impact on the cryptocurrency space will undoubtedly grow. While AI offers numerous benefits, it also presents new challenges as scammers exploit its capabilities to conduct more sophisticated and convincing scams. Awareness and education are crucial in recognising and avoiding these threats. Implementing robust security measures, adopting thorough verification practices, and leveraging AI-powered security solutions can significantly reduce the risk of falling victim to AI-driven scams. By staying informed and vigilant, and by utilising AI defensively, individuals and institutions can protect themselves and contribute to a safer cryptocurrency ecosystem. As the landscape of AI and crypto continues to develop, proactive measures and ongoing vigilance will be essential in mitigating the risks and harnessing the full potential of these technologies.

Polyhedra Network (ZK): Powering the Next Wave of Web3 Innovation

What is Polyhedra Network (ZK)? Polyhedra Network (ZK) is a platform that harnesses the power of zero-knowledge proof (ZKP) technology to drive interoperability, scalability, and privacy in Web3. The network is on a mission to bridge the gap between different blockchain networks, protocols, and systems, enabling seamless communication and collaboration across Web3. Polyhedra receives strong backing from the likes of Binance Labs, Polychain, OKX Ventures, Hashkey, UOB, Foresight Ventures, etc. It has also worked with the biggest names in the crypto market like Animoca Brands, BNB Chain, Arbitrum, Celo, to name a few. How Polyhedra Network (ZK) Works Polyhedra Network operates on the foundation of advanced ZKP technology. ZKP is a technology that allows one party to prove to another party that they know a piece of information, without revealing what that information actually is. ZKP serves as the backbone for Polyhedra’s suite of services as follows: zkBridge The most important product of Polyhedra Network is zkBridge, a groundbreaking solution for achieving trustless and efficient cross-chain interoperability. Traditional cross-chain solutions often rely on trust assumptions, leaving them vulnerable to security threats. However, zkBridge flips the script by using ZKP to verify consensus between different blockchains without external trust requirements. zkBridge powers a wide range of applications, from token bridging to computational logic across multiple blockchains. Through zkBridge, Polyhedra facilitates seamless asset transfers, message passing, and data sharing between various blockchain networks. Distributed Proof Generation Network To turbocharge the performance of its ZKP systems, Polyhedra Network introduces the Distributed Proof Generation Network. This network incorporates cutting-edge technologies like deVirgo and paraPlonk to accelerate proof generation and reduce on-chain verification costs. deVirgo is a novel distributed proof system that optimizes parallelism and minimizes communication overhead. Thanks to deVirgo, zkBridge can work up to 100 times faster than traditional methods. Additionally, paraPlonk enhances scalability by enabling large-scale distributed proof generation, paving the way for decentralized zkRollup and zkEVM solutions. zkDID In the quest to bridge the gap between Web3 and the broader internet, Polyhedra Network introduces zkDID - a scalable and interoperable decentralized identity solution. Built on the principles of soul-bound tokens (SBTs) and verifiable credentials, zkDID aims to onboard billions of internet users onto Web3 infrastructures and applications. With zkDID, users have control over their personal information, thanks to stealth address mechanisms powered by ZKP. This infrastructure not only supports millions of verifiable credentials per second but also ensures compatibility with W3C standards and various data types. ZK Goes Live on Bitget By leveraging the power of zero-knowledge proof technology, Polyhedra is breaking down barriers and paving the way for a more interconnected, scalable, and privacy-centric decentralized ecosystem. As we move forward into the digital frontier, Polyhedra stands ready to lead the charge, driving innovation, and empowering users to embrace the full potential of Web3. With zkBridge, the Distributed Proof Generation Network, and zkDID at its disposal, Polyhedra Network is set to shape the future of the internet as we know it. Get ready to embark on a journey into the next wave of Web3 innovation with Polyhedra Network by trading ZK, the native token of Polyhedra. How to Trade ZK on Bitget Step 1: Go to ZKUSDT spot trading page Step 2: Enter the amount and the type of order, then click Buy/Sell. Trade ZK on Bitget now! ZK on Bitget Launchpool There's more! ZK will be a part of Bitget Launchpool, a platform for users to stake and earn new tokens for free. Join now to get the best out of it! From March 19, 10:00 – March 29, 10:00 (UTC), you can grab a share of 200,000 ZK through Bitget Launchpool. For more specific information on how to get ZK tokens on Bitget Launchpool, check out the announcement here. Stake BGB/USDT and Get free ZK now! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Security and Privacy in Blockchain

In this article, we will learn the fundamental concepts of security and privacy in blockchain, with relatable examples, to facilitate a comprehensive understanding of these essential concepts. Encryption and Hashing: Safeguarding Data with Advanced Techniques Encryption and hashing are two advanced techniques used to maintain data security and integrity on the blockchain. While they often work together, they serve different purposes in protecting information. Encryption John writes a secret letter and puts it in a locked box. Only people with the right key can open the box and read his letter. This is the basic idea behind encryption. In other words, encryption is the process of converting readable data into unreadable format that can only be deciphered with the right key. Encryption safeguards sensitive information from unauthorized access. You can turn unreadable data back into its original form, readable data, in a process called decryption. Hashing To protect her information, Mary uses a unique fingerprint for each document; a slight change would produce a completely different fingerprint. Hashing works in the same way. This technique will take input data and generate a fixed-size string of bytes, or a hash. The hash is a digital fingerprint for the block's data, including transactions, the previous block's hash, and a nonce (a random number). If there is a minor change in the data, the hash will look totally different. Unlike encryption, you cannot turn a hash back into the original data. The information won't be changed or tampered with, so you can ensure its trustworthiness. Now let’s consider a simple example of hashing on the blockchain. There are three friends: Anna, Bob, and Chris. They share their expenses using a ledger. Bob pays Anna $5 for lunch, and this transaction is added to a block with a unique hash of ABC123. Later, Chris pays Bob $10 for a book, creating a new block that includes the previous block’s hash (ABC123) and generates its own unique hash, DEF456. If someone tries to alter the transaction in the ledger, it will change the hash and disrupt the chain. The blockchain network will detect and reject the change to ensure the integrity of the shared ledger. Public Keys vs. Private Keys: Your Key to Secure Transactions Public and private keys play an important role in transaction security and user privacy. These keys work together to create a trustless digital identity for users within the decentralized system. Public keys Everyone has a mailbox at home with a unique address to share with others to send letters or packages. A public key is similar to that mailbox. A public key is an alphanumeric string that you can share with anyone, and they can send you digital assets such as BTC, ETH, USDT, XRP, and DOGE in a secure and private manner. This key is generated through complex mathematical algorithms to encrypt data and verify digital signatures. Example: When you create a Metamask wallet, you are assigned a public key to receive funds from others. Private Keys A private key is a secret and unique alphanumeric string that is closely guarded. It is used as the password to grant access to your digital wallet. For example, to send funds to someone else, you need to sign the transaction using your private key. This action proves that you are the rightful owner of the funds and authorizes the transfer. Be aware that if someone gains access to your private key, they will control over your digital assets. Make sure to secure your private key and cryptocurrency assets. Check out our article if you want to keep your crypto safe on Bitget Wallet: The Future of Cryptocurrency: How to Safely Store Your Crypto: A Beginner's Guide to Bitget Wallet Smart Contracts: The Future of Decentralized Transactions Smart contracts are self-executing digital agreements with terms and conditions embedded directly into lines of code. In essence, smart contracts are stored on the blockchain to enable transparent, secure, and efficient transactions without the involvement of third parties. How do smart contracts work, you may ask? Smart contracts are created using specialized programming languages and deployed on a blockchain network (Solidity for Ethereum or Plutus for Cardano). Once deployed, the smart contract monitors the network for transactions that fulfill the predefined conditions. When these conditions are satisfied, the smart contract executes the specified actions, such as transferring funds. Let’s look at this simple example. Emily wants to rent an apartment. Instead of signing a paper contract, Emily and the landlord agree to use a smart contract on the blockchain. The smart contract contains terms such as the rental amount, rental deposit, and duration of the lease. Once they fulfill the contract's conditions (Emily pays a two-month rental deposit), the smart contract automatically transfers the apartment key to Emily. For more information about smart contracts, refer to What Is the Smart Contract? Will the Computer Code Replace the Law in the Future? Private Transactions: Ensuring Confidentiality and Anonymity In general, blockchains are transparent and open their data to the public. However, some networks offer the option of private transactions to ensure that sensitive details are only accessible to the parties involved. Private transactions use advanced cryptographic techniques to safeguard the details of a transaction. These techniques include zero-knowledge proofs, which enable a party to prove they possess specific information without revealing the information itself; confidential transactions, which encrypt transaction amounts so only the involved parties can view the values; and stealth addresses, which are one-time use addresses generated for each transaction. Some of the well-known platforms that provide private transactions to users are ZCash, Tornado Cash, and Mimblewimble. Example: Lara wants to send 1 BTC to Mark without anyone knowing. She decides to visit Tornado Cash, deposit 1 BTC, and create a secret Note. Lara shares the Note with Mark. He connects his wallet, enters the Note, and provides an address. After that, Mark can withdraw 1 BTC with ease, and their transaction remains secret. Final Thought Grasping the fundamentals of blockchain security and privacy enables a deeper appreciation of this technology's potential. As blockchain continues to evolve, we can expect even more advanced security and privacy features. Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only.