CFTC cautions against relying on AI crypto bots

CFTC cautions against relying on AI crypto bots

The U.S. Commodity Futures Trading Commission (CFTC) has warned cryptocurrency buyers to not rely on synthetic intelligence (AI) buying and selling bots for large earnings in 2024.

In a latest assertion, the CFTC suggested buyers to be cautious of exaggerated advertising and marketing claims about AI bots delivering astronomical yields. CFTC’s Melanie Devoe stated fraudsters are exploiting social media hype and novice buyers ought to analysis suppliers earlier than trusting cash to buying and selling bots. 

This warning comes after a number of states accused of working a Ponzi scheme in 2023, alleging its AI bot didn’t exist. Major exchanges discover AI purposes, like Bitget’s advisor bot, however the expertise’s limitations persist. 

ChatGPT advised Cointelegraph that AI might help crypto evaluation and methods however couldn’t predict costs. The CFTC reiterates that regardless of surging reputation, AI can not foresee the longer term and buyers ought to keep away from its empty guarantees this yr.

Also learn: CFTC Accuses Debiex of $2.3 Million Romance Scam

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