Image Generation AI (IMGNAI) price spikes on heels of $1.6m seed round

Image Generation AI (IMGNAI) witnessed a substantial price increase following the announcement of a completed seed round of $1.6 million.

The price of the IMGNAI token is up by 4.6% this week, according to CoinGecko.

In the past year, it reached a price peak of approximately $0.024, marking a 595% increase. 

Image Generation AI (IMGNAI) holds its own 

The artificial intelligence (AI) token, IMGNAI, completed its seed funding round — spearheaded by top-tier venture capitalists.

In the recent $1.6 million funding round, San Francisco-based Hack VC took the lead. Additional backing came from Rana Capital, Selini Capital, West Ham Capital, and others.

Following the announcement of its completed seed round, its native IMGNAI token has experienced a decent 4.5% increase in the last seven days.

With this infusion of new funds, IMGNAI says it is now approaching the imminent launch of Naifu; a platform it describes as an all-in-one virtual companion.

The IMGNAI platform claims to be shaping the future of generative AI, enabling the creation of art through straightforward text commands.

According to information on the team’s website, Naifu will undergo training on a diverse array of datasets, aligning with the approach seen in mainstream AI products, including OpenAI’s ChatGPT.

As per CoinGecko’s data, IMGNAI is currently trading at $0.02408, representing a 10.2% increase in the last 24 hours.

CFTC sounds alarm on AI-driven cryptocurrency scams

On Jan. 25, the U.S. Commodity Futures Trading Commission (CFTC) issued a statement concerning fraudulent schemes exploiting the rising interest in AI to defraud cryptocurrency investors. 

The regulatory body has pursued legal actions against numerous defendants who deceived customers by promoting commodity pools, crypto assets, or investment programs with misleading assurances of consistent, above-average returns through AI. 

Contrary to the pledged automatic profit generators, customers experienced significant financial setbacks, with instances leading to the disappearance of substantial funds, including nearly 30,000 Bitcoin (BTC) valued at approximately $1.7 billion at the time. The regulator’s cautionary statement continues:

These scams are touting extravagant returns and a 100 percent success rate through AI-generated algorithms.

The CFTC underscores the fact that AI technology cannot predict future changes in the crypto or financial markets, and any assertions suggesting otherwise should be met with skepticism.

This warning serves as a crucial reminder for investors to remain vigilant, especially when faced with seemingly too-good-to-be-true investment opportunities leveraging AI.

The CFTC urges investors to exercise caution and thorough due diligence in navigating the evolving crypto landscape.