February 26, 2024

The US Commodity Futures Trading Commission (CFTC) has issued a warning to investors about the dangers of using AI trading bots in the crypto market. The watchdog advises consumers not to rely on scammers promising high returns using AI, as the technology cannot predict the future or sudden market changes. The CFTC cautions against believing claims made by scammers and urges vigilance, especially on social media platforms and from so-called “influencers”. The agency is cracking down on scammers and has paid $16 million to whistleblowers who helped uncover fraudulent activities. The CFTC emphasizes that AI has become another avenue for bad actors to defraud unsuspecting investors and urges caution against the hype surrounding AI in trading. This warning comes as the use of AI in trading becomes more popular, and the CFTC is aiming to protect investors from potential scams. This article is provided for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.

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