Crypto Scams Drain $4.6 Billion from Investors in 2024
Crypto scammers are increasingly using AI-driven social engineering tactics to exploit unsuspecting users, leading to significant financial losses. According to Bitget’s 2025 Anti-Scam Research Report, in collaboration with blockchain security firms SlowMist and Elliptic, approximately $4.6 billion was lost to international crypto scams in 2024. The report highlights the growing prevalence of deepfake technologies among scammers, making it easier for them to deceive victims.
AI’s Role in Crypto Scams
Gracy Chen, CEO of Bitget, emphasized that advancements in artificial intelligence have made scams more efficient and harder to detect. Scammers are employing AI-generated fake staking offers and phishing bots to target victims. The report details alarming instances where deepfake videos featuring public figures, such as Elon Musk and Singapore’s Prime Minister Lee Hsien Loong, were used to promote fraudulent schemes. These tactics illustrate how scammers are leveraging technology to enhance their deceptive practices, posing a significant threat to the integrity of the cryptocurrency market.
Common Scamming Tactics
The report identifies various tactics employed by cybercriminals, including phishing rings and fake decentralized applications (dApps). Scammers are also utilizing deepfake impersonations and Ponzi schemes disguised as decentralized finance (DeFi), non-fungible token (NFT), or GameFi projects. The report warns the crypto community to remain vigilant against engaging with unknown or suspicious individuals and services. Fraudsters often use manipulation and deception to influence their targets, employing strategies such as fake miner rebates and airdrop traps to ensnare potential victims.
Advice for Crypto Holders
To combat these threats, the report advises crypto holders to be skeptical of unsolicited communications, whether through LinkedIn, Telegram, or email. Users are urged to avoid running unfamiliar code or installing files from unknown sources, especially under the pretense of job tests or app demonstrations. The report stresses that trust in the crypto space must be verified, not just assumed. It also recommends that frequent crypto users bookmark official websites, utilize browser plugins like Scam Sniffer, and refrain from connecting their wallets to unknown links.
Collaborative Efforts Against Cybercrime
The report aligns with findings from Chainalysis, which indicated that generative artificial intelligence contributed to record losses from crypto scams in the previous year, estimating losses at $9.9 billion. In response to the surge in crypto-related cybercrime, web3 firms, including Tron, Tether, and TRM Labs, have formed a financial crimes unit called T3 to assist in recovering funds lost to theft. Additionally, countries like the UK and India are taking steps to equip law enforcement with the technical knowledge necessary to combat crypto-related crimes effectively.
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