AI deepfakes fuel $4.6 billion surge in crypto scams in 2024
A 2025 report by Bitget, SlowMist and Elliptic found that crypto scams reached $4.6 billion in 2024, with nearly 40% of high-value fraud involving deepfake technology. Scammers used AI-generated videos impersonating public figures and executives to deceive users, with 87 deepfake scam rings dismantled across Asia in Q1 2025.
What happened
According to a 2025 report from Bitget, SlowMist and Elliptic published June 10, crypto scams reached $4.6 billion in 2024, a 24% increase from 2023.
Nearly 40% of high-value fraud cases involved deepfake technologies, with scammers using AI-generated videos impersonating public figures including Elon Musk and Singapore's Prime Minister Lee Hsien Loong to deceive users on social media.
In the first quarter of 2025, at least 87 scam rings using AI-generated deepfakes were dismantled across Asia. Scammers also used AI videos to bypass KYC systems and lure victims into phishing Zoom calls.
Reported impact
Crypto users lost $4.6 billion to scams in 2024 involving deepfake technology and social engineering. Polygon co-founder Sandeep Nailwal reported that bad actors impersonated him via Zoom, with victims on Telegram asking if he was on video calls requesting them to install scripts.
Index analysis
The report identifies three dominant scam categories: AI-generated deepfake impersonations, social engineering schemes, and Ponzi-style frauds disguised as DeFi or GameFi projects. Deepfakes are difficult to detect as AI can simulate text, voice messages, facial expressions and real-time reactions, increasing the believability and viral reach of scams on social media.
Governance controls
SlowMist recommends users be skeptical of promotional content on social media, verify video claims through official sources, and use tools like ScamSniffer to block phishing links and MistTrack to check wallet addresses for known scams. The report warns that security must start with skepticism and collective defense.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.