Europol's recent report details how artificial intelligence (AI) and cryptocurrency contribute to increased efficiency in organized crime across Europe. The agent noted that criminal networks are adapting rapidly to new technologies, utilizing AI for automation in scams, phishing, trafficking, and financial crimes. AI facilitates the crafting of multi-language messages, allowing targeted and large-scale cyberattacks. Furthermore, synthetic media, including AI-powered voice cloning and deepfakes, are now being used for fraud and identity theft. The report also emphasizes that blockchain technologies, such as cryptocurrency and NFTs, have moved into serious crime domains, expanding into areas like drug trafficking and migrant smuggling. High-profile incidents like the recent Bybit hack, which resulted in significant losses, underscore the vulnerabilities in the crypto industry, as fraudsters exploit both decentralized and centralized systems to launder funds rapidly. The inspector mentioned the failure of current protocols to adequately address these issues, highlighting systemic flaws in combating illicit activities within the cryptocurrency market.

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