š Crypto Scam Surge: 2024ā2025
Crypto scams and thefts have skyrocketed in recent months. In Q1 2025 alone, over $2.17āÆbillion was stolenāsurpassing the total for all of 2024 .
Chainalysis reports that wholeāscheme scam revenue (such as romance and investment frauds) is expected to explode by 2025, with AI making these crimes more scalable and resistant to detectionāa staggering 1,900% revenue growth for AIāservice providers in the scam space . In total, crypto fraud losses in 2024 reached approximately $4.6āÆbillionāa 24% yearāoverāyear growth .
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š Why the Surge?
š§ AI-Powered Deepfakes and Scam-as-a-Service
Malicious actors now use AI-generated deepfake videos to impersonate celebrities, CEOs, or government officialsādelivered via Telegram, X, and YouTubeāto promote fake crypto opportunities .
Meanwhile, āscamāasāaāserviceā platforms lower the technical barrier for fraudsters, offering ready-made phishing templates, bot services, and coordination toolsāfurther fueling the spike in attacks .
š± Phishing and Mobile Malware
In 2024, detection of crypto-related phishing attacks surged by 83%, and mobile banking malware increased 3.6Ć compared to 2023, indicating that fraudsters are targeting everyday devices and communication channels .
šø Pig Butchering and Romance Scams
The elaborate āpig butcheringā scams now lead crypto fraud types, with over $5.5āÆbillion lost across 200,000 cases in 2024āmany victims targeted through dating apps and long-term grooming tactics . These operations often blend romance manipulation with fake investment schemes.
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š§Ø HighāProfile Incidents
The ByBit exchange hack in February 2025 resulted in the theft of approximately 1.5āÆbillion USD in Ethereum, attributed to North Koreaās Lazarus Group, making it one of the largest crypto hacks ever .
In India, CoinDCX lost around ā¹378 crore (~$44 million) in a internal breach. While user assets werenāt directly hit, the incident highlighted platform security vulnerabilities .
