The Interplay Between AI, Crypto, and Illicit Transactions Revealed

Venture capitalists are heavily investing in artificial intelligence (AI) while also showing interest in cryptocurrency finance. Crypto startups received $10 billion in venture capital in the first half of the year. An investigation by The Economist has uncovered a strong connection between AI and crypto through a booming illicit trade. Issuance of crypto-enabled credit and debit cards is on the rise, connecting crypto wallets to payment terminals for everyday transactions. These cards enable people in countries with unstable currencies to transact in stablecoins pegged to more reliable foreign currencies. However, lax identity verification processes have made these cards susceptible to…