AI Tool Employed by Coinbase to Detect Scam ERC20 Coins, Here's What It Does

Coinbase has presented its own system for detecting scam ERC20 tokens to protect its users from con artists and financial losses

. The team claims that this system can spot"both known and unknown scam types." The chief legal officer of Coinbase has spread the word about it in today's X post:"Here's how our Eng team is using AI to detect ERC-20 scam tokens. It's only the beginning."In a recent blog post that announced the launch of the new scam-detection system, the Coinbase team stressed that scam artists are becoming more sophisticated and stronger.

The solution created by Coinbase for detecting scam tokens based on Ethereum's ERC20 standard utilize two strong strategies to recognize crypto scams. The second one is referred to as Machine Learning Production. This machine learning tool seeks unknown types of scams with abnormal activity patterns.

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