A purported “AI-powered” decentralized application, Harvest Keeper, has scammed its users out of nearly $1 million.

The project claimed to use artificial intelligence to optimize trading processes. It also promised a staggering 101% return on investment within just 21 days.

Blockchain security firm, CertiK, has confirmed that the Harvest Keeper project has stolen roughly $933,000 worth of users’ assets.

In addition, users have lost around $219,000 due to phishing scams across the Ethereum, BNB Chain, and Polygon networks.

CertiK has urged users to revoke any permissions granted to the project and cautioned against further interaction with its website.

Harvest Keeper boasted of being an AI project that “optimizes the trading process for maximum payout” and promised users a 4.81% return on deposits.

The project claimed to offer a 101% return on investment within 21 days and an 8% referral reward. It has garnered over 30,000 followers on Twitter and more than 32,000 followers on its Telegram channel.

There is one golden rule in crypto: if something seems too good to be true, it usually is. That includes fixed returns – impossible – and high returns – which aren’t sustainable. No matter the layer of paint slapped on the project, those concepts will never work.

Although the latest version of ChatGPT demonstrated the ability to audit smart contracts on Ethereum, experts have expressed confidence that it will not replace developers. It may become a viable tool for assisting coders and builders, however.

While crypto AI projects have gained popularity, most of them are likely to be unsuccessful. Merging blockchain and AI in the current state is seemingly impossible. Andre Cronje recently expressed concerns over this “market trend” and pointed out why it can’t succeed.

That doesn’t prevent people from speculating on assets for quick profits. But, unfortunately, that approach also comes with high risks, including dealing with exit scams and rug pulls. Harvest Keeper is just one of many examples of projects looking to defraud users.

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