#CryptoScamSurge Crypto scams have surged to a record-breaking $12.4 billion in 2024, driven by sophisticated schemes leveraging artificial intelligence and high-yield investment scams. Here's a breakdown of the key factors contributing to this surge:
*Types of Crypto Scams:*
- *Pig Butchering Scams*: Scammers build trust with victims through fake relationships, then persuade them to invest in sham crypto platforms, resulting in $75 billion+ in losses since 2020 and a 40% year-over-year rise in 2025.
- *AI-Generated Deepfakes*: Fraudsters use AI-powered deepfake videos to impersonate influential figures like Elon Musk or Vitalik Buterin, promoting fake giveaways or investments.
- *Rug Pulls*: Scammers launch pump-and-dump tokens, resulting in $6 billion in losses in 2025, a significant increase from $90 million in 2024.
- *Phishing Attacks*: Scammers use fake websites, emails, or social media accounts to steal user credentials or cryptocurrency.
*Notable Statistics:*
- 83% of crypto investors have fallen victim to scams or hacks at least once, with average losses of $2,622 per incident.
- Senior citizens (60+) are disproportionately affected, with $2.8 billion in losses reported in 2024, averaging $83,000 per victim.
- Cryptocurrency-related scams accounted for $9.3 billion in reported losses in 2024, nearly doubling from the previous year ¹ ² ³.
*Protection Measures:*
- *Verify Identities*: Use secondary confirmation methods to verify identities, especially when dealing with unsolicited calls or videos.
- *Avoid Guaranteed Returns*: Be cautious of high-yield offers that promise guaranteed returns, as these are often scams.
- *Check URLs*: Ensure website URLs are legitimate and look for typos or suspicious signs.
- *Stay Informed*: Regularly review news and advisories from trusted authorities to stay updated on common scams and fraudulent tactics ².
