Image Generation AI (IMGNAI) has seen a significant price increase after announcing the completion of a $1.6 million seed round.
According to CoinGecko, the IGNAI token price rose 4.6% this week.
In the past year, it has risen 595%, reaching a high of around $0.024.
Image Generation AI (IMGNAI) has its own.
IGNAI, an artificial intelligence (AI) token, has completed a seed funding round led by top-tier venture capitalists.
San Francisco-based Hack VC took the lead in a recent $1.6 million funding round. Additional support came from Rana Capital, Selini Capital, West Ham Capital and others.
Following the announcement of the completed seed round, the native IMGNAI token has experienced a significant 4.5% increase over the past seven days.
IMGNAI says that with this new injection of funds, the launch of Naifu is now imminent. The platform is described as an all-in-one virtual companion.
The IMGNAI platform claims to shape the future of generative AI and enable the creation of works of art through simple text commands.
According to information on the team’s website, Naifu will be trained on a variety of datasets, aligned with approaches seen in mainstream AI products, including OpenAI’s ChatGPT.
According to data from CoinGecko, IGNAI is currently trading at $0.02408, an increase of 10.2% over the last 24 hours.
CFTC warns of AI-based cryptocurrency fraud
On January 25, the U.S. Commodity Futures Trading Commission (CFTC) issued a statement regarding a fraud scheme exploiting the growing interest in AI to defraud cryptocurrency investors.
Regulators have taken legal action against numerous defendants who defrauded customers by promoting product pools, crypto assets or investment programs while consistently guaranteeing above-average returns through AI.
Contrary to the promised automatic monetization mechanism, customers suffered significant financial hardship, with significant funds disappearing, including approximately 30,000 Bitcoin (BTC), worth approximately $1.7 billion at the time. The warning statements from regulators continue.
These scams boast huge profits and a 100% success rate thanks to AI-generated algorithms.
The CFTC emphasizes that AI technology cannot predict future changes in cryptocurrencies or financial markets, and claims that do otherwise should be skeptical.
This warning serves as an important reminder for investors to remain vigilant, especially when investment opportunities leveraging AI seem too good to be true.
The CFTC urges investors to exercise caution and conduct thorough due diligence when navigating the evolving cryptocurrency landscape.