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CRYPTO FRAUD

Crypto Scams Cost Investors $4.6 Billion in 2024, Social Engineering Attacks Surge:

The use of AI is making crypto scammers more sophisticated

Crypto scammers are leveraging AI-driven social engineering tactics to deceive unsuspecting users and swindle them out of their funds. Crypto exchange Bitget highlighted the rising crypto scams in its 2025 Anti-Scam Research Report, compiled with inputs from blockchain security firms SlowMist and Elliptic. The report claimed that an estimated $4.6 billion (roughly Rs. 39,364 crore) was lost to international crypto scams in the year of 2024. Along with social engineering scams, the use of deepfake technologies have also caught momentum among scammers.

Gracy Chen, the CEO at Bitget said that AI has made scams faster, cheaper, and even harder to detect. In social engineering scams, for instance, scammers use AI-generated fake staking offers and phishing bots to steal from unsuspecting victims. The report mentioned cases where deepfake videos of public personalities like Elon Musk and Singapore Prime Minister Lee Hsien Loong were floated on the Internet promoting fraudulent schemes.

"The biggest threat to crypto today isn't volatility—it's deception," Chen said in the report. "We believe fighting back requires both technological rigor and ecosystem