AI Deepfakes Drive $4.6B Surge in Crypto Scams, Report Finds
The post AI Deepfakes Drive $4.6B Surge in Crypto Scams, Report Finds appeared on BitcoinEthereumNews.com.
The rise of artificial intelligence is fueling a sharp increase in crypto-related fraud, with deepfake technology driving a surge in sophisticated scams, according to a new report. In the first quarter of 2025, at least 87 scam rings using AI-generated deepfakes were dismantled, according to the 2025 Anti-Scam Research Report co-authored by crypto exchange Bitget, blockchain security firm SlowMist, and analytics provider Elliptic. The report also reveals crypto scams reached $4.6 billion in 2024, marking a 24% increase from the year before. Nearly 40% of high-value fraud cases involved deepfake technologies, with scammers increasingly using sophisticated impersonations of public figures, founders and platform executives to deceive users. Distribution of Causes for Security Incidents in 2024 Source: SlowMist Related: How AI and deepfakes are fueling new cryptocurrency scams “The speed at which scammers can now generate synthetic videos, coupled with the viral nature of social media, gives deepfakes a unique advantage in both reach and believability,” said Gracy Chen, the CEO of Bitget. Deepfakes pose new threats The report details the anatomy of modern crypto scams, pointing to three dominant categories: AI-generated deepfake impersonations, social engineering schemes, and Ponzi-style frauds disguised as decentralized finance (DeFi) or GameFi projects. Deepfakes, it warned, are especially hard to detect. AI can simulate text, voice messages, facial expressions and even actions. For example, fake video endorsements of investment platforms from public figures such as Singapore’s prime minister and Elon Musk are tactics used to exploit public trust via Telegram, X and other social media platforms. Fake video of Singapore’s Prime Minister Lee Hsien Loong Source: Lianhe Morning Newspaper AI can even simulate real-time reactions, making these scams increasingly difficult to distinguish from reality. Sandeep Nailwal, co-founder of the blockchain platform Polygon, raised the alarm in a May 13 post on X, revealing that bad actors…
Filed under: News - @ June 11, 2025 12:27 am