Experts Argue 99% of Crypto AI Projects are Scams

  1. According to experts, 99% of crypto AI initiatives are fraud.
  2. ChatGPT surpassed one million users in just five days.
  3. Investors are warned to exercise care regarding AI breakthroughs.

Recently, the crypto market has been swarmed with new AI-powered projects. However, experts warn that 99% of these projects will likely be scams. Due to the growth of these fraudulent schemes, naïve investors’ investments are now in danger. Thus experts urge against investing in these initiatives.

A Reddit poster claims that OpenAI’s market value increased to $29 billion after ChatGPT garnered more than a million subscribers in just five days.  In light of the renewed AI euphoria, he encourages investors to caution against such developments.

In addition, as demand for cryptocurrencies has increased, a handful of crypto initiatives have emerged, intending to use artificial intelligence to transform the sector completely. With buzzwords like machine learning, deep learning, and artificial intelligence, these projects boast of having the next big thing in the market.

However, the reality is that most of these projects are schemes to defraud investors out of their hard-earned money. This is facilitated by the unregulated nature of the cryptocurrency market, which provides a blank check for fraudsters.

Therefore, prospective investors are strongly encouraged to do extensive research before committing funds to any cryptocurrency business. This involves checking the project’s code and development progress and reading the white paper. 

The claims made by these scammers, including assured returns or the urgency to buy before the chance is gone, make them easy to spot.

AI has tremendous promise in cryptocurrency,  but investors must proceed with care. Even though the cryptocurrency market is unexplored ground, suggestions from industry veterans might help investors avoid disaster.

Read Also :

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer