The United States Commodity Futures Trading Commission (CFTC) released a statement this Friday, January 25, in order to warn the community about scammers who are taking advantage of the interest in artificial intelligence (AI), to trick people interested in earning bitcoins through trading. 

In the publication titled: “AI Won't Turn Trading Bots into Money Machines,” the CFTC explains that the rate promises The profit on the part of those who offer these services can be up to 100%. 

Although it sounds too good to be true, many people have already fallen for these scams related to artificial intelligence algorithms that can carry out trading operations automatically, as well as send buy and sell signals for certain assets. 

In some of the cases presented by the CFTC , the promoters of these products offered investment programs, groups of basic products or commodities and digital assets, in which the income was “constant” and “above average.” 

Unfortunately, AI has become another avenue for bad actors to defraud unsuspecting investors.

Melanie Devoe, Director of the Office of Customer Outreach and Education (OCEO) 

Unfortunately for those who have fallen for these scams, when these products fail, instead of multiplying their money, they can end up losing millions of dollars. In fact, the publication, in addition to pointing out the misuses of artificial intelligence, also mentions a particular case in which the loss amounted to 30,000 bitcoins, which at the time was the equivalent of about  $1.7 billion. 

Tips from the CFTC to avoid falling for these frauds

The Commission also took the opportunity to share some suggestions in order to avoid being persuaded by this type of scammers, who intend to use the rise of artificial intelligence to take away your bitcoins. 

First of all, it is important to investigate the past of the company or website that offers this type of services related to investment and trading. Additionally, it is worth finding out the background and experience of the people behind the company. 

To investigate the site's trading history, the CFTC recommends reviewing the age of the domain registration at lookup.icann.com. In addition to this, the Commission also advises obtaining prior advice and obtaining second opinions from trusted investors and even family members. 

Last but not least, it is crucial to be aware of the risks involved in investing in the assets in question and the impact of subscription fees and costs on expected profits. Remember, every time bullish market trends are predicted for bitcoin and cryptocurrencies, scammers see their opportunities to deceive people multiply.