AI Deepfakes Drove $4.6B in Crypto Losses in 2024: Report

Highlights:

• AI deepfakes made up almost 40% of the total losses from crypto fraud in 2024.
• 87 deepfake scam rings were dismantled across Asia in Q1 2025.
• Ponzi scams now use synthetic media and gamified DeFi dashboards.

Bitget’s 2025 Anti-Scam Report states that in 2024, crypto scams resulted in a 24% increase in global losses to $4.6 billion. The rise is mostly linked to the advances in fraud using AI. The report was collaboratively made with SlowMist and Elliptic.

Synthetic videos, fraudulent Zoom invitations, and impersonating people on social networks are some of the latest tricks used to cheat users. Most of these scams are found in fake job postings, fake video calls, and by using fraudulent DeFi platforms. Additionally, with AI-generated content, copying how people really look, act, and sound has become easier.

In the first quarter of 2025, authorities managed to dismantle 87 deepfake-related scam groups in Asia. Moreover, Hong Kong police arrested 31 suspects for involvement in $34 million of losses. In the fake calls, scammers made AI-created videos of crypto executives to fool their victims.

Deepfake scams fuel $4.6B in crypto losses, report warns

A joint report by @bitgetglobal, @SlowMist_Team and @elliptic reveals a sharp rise in AI-driven crypto scams, @Cointelegraph reported. In Q1 2025 alone, 87 deepfake scam rings were dismantled, and nearly 40% of high-value…

— CoinNess Global (@CoinnessGL) June 10, 2025

Furthermore, many phishing attacks happen in the comments sections of Telegram and X. Often, people responding to top crypto posts include harmful links, and users might end up installing viruses or revealing their personal information on fake websites. In addition, some scammers trick people on social media by pretending to be blockchain founders or famous celebrities. They entice people with false tokens or staking opportunities by using fake endorsements. In most cases, after users invest their money, the platforms disappear and cannot be traced.

The Threat of AI Deepfakes in Crypto Fraud

AI deepfakes have risen to the top when it comes to crypto crime. The report from Bitget claims that almost 40% of significant scams last year occurred through this approach. Today, deepfake impersonations are harder to notice and seem very realistic.

Fake celebrity interviews, endorsements, and live social media broadcasts are created with the help of AI avatars by criminals. Their main goal is to persuade people to deposit funds or install malicious software on their systems. Many victims think they are talking to true victims, but eventually discover the content was fake.

BREAKING: A deepfake of Elon Musk promoting a $20 million crypto giveaway is going viral.

Elon Musk and his companies are NOT doing any crypto giveaways. Don’t fall for scams! Stay safe. pic.twitter.com/HdtCqNfHoX

— DogeDesigner (@cb_doge) December 15, 2024

In addition, some deepfakes manage to bypass KYC by copying people’s facial gestures and voices. For instance, job scams use similar tactics. Hackers pretend to be recruiters and provide tasks that are loaded with Trojans. After installation, the malware is able to obtain your sensitive data.

Moreover, SlowMist identified cases where impostors used Zoom to pretend to be famous leaders in the industry. Victims were sent fake meeting links, and cloned voices persuaded them to do harmful activities. Additionally, several people reported being asked to download files that let hackers access their systems.

Disguised Scams and the Role of Social Engineering

A lot of old crypto scams have come back with new methods. DeFi and GameFi schemes are now being used by pyramid schemes, using things like fun dashboards, virtual media, and pretend audits to gain confidence. In reality, these platforms work like Ponzi schemes to entice new users.

The report also noted that some platforms publish fake AI pictures of their teams and use illegitimate KYC records. This way, scammers can make themselves look trustworthy very fast. Moreover, these programs are distributed through popular messaging services and live broadcasts, urging users to share them.

Crypto ATM scams have become more common recently. There was a high number of cases reported in the U.S., Canada, and Australia. There was a total loss of $114 million via ATMs in the US in 2023. Additionally, in the period between 2024 and early 2025, Australia reported losses of more than A$3.1 million. According to Bitget’s research, users are advised to use strict means of verification. Avoid getting involved in chats or comment sections that contain links from people you do not know. Moreover, in order to be safe, check wallet history with MistTrack and use ScamSniffer to catch and block phishing attacks.