CFTC Issues Warning About AI Trading Bots

CFTC has warned investors not to trust exaggerated marketing claims about AI trading bots delivering massive cryptocurrency profits in 2024.
CFTC Issues Warning About Ai Trading Bots

Investors in cryptocurrencies have been cautioned by the U.S. Commodity Futures Trading Commission (CFTC) not to depend on artificial intelligence (AI) trading bots for enormous returns in 2024.

The CFTC cautioned investors against believing inflated marketing claims that AI bots can provide enormous returns. Melanie Devoe of the CFTC stated that scammers take advantage of social media buzz and that inexperienced investors should investigate providers before entrusting funds to trading bots.

This warning follows many states‘ accusations in 2023 that YieldTrust.ai ran a Ponzi scheme and that their AI bot was nonexistent. Large exchanges investigate AI uses, such as Bitget’s adviser bot, however the limitations of the technology still exist.

ChatGPT informed Cointelegraph that while AI couldn’t forecast prices, it might help with crypto analysis and strategy. The CFTC restates that although AI is becoming more and more popular, it cannot predict the future, and investors should steer clear of its illusory claims this year.

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