AI-Driven Crypto Scams Surge: $4.6 Billion Lost in 2024, Unveiling Three High-Risk Fraud Types

The Bitget 2025 Anti-Scam Month Report, jointly authored by Bitget, SlowMist, and Elliptic, sheds light on the rapidly evolving landscape of crypto fraud.

The report highlights how fraudsters are increasingly leveraging AI, social manipulation, and sophisticated packaging to exploit psychological and trust vulnerabilities.

Additionally, the report draws attention to the alarming growth in fraud scale and sophistication between 2023 and 2025. In 2024 alone, global users lost over $4.6 billion to crypto fraud, marking a 24% year-over-year increase. The rise in losses is attributed to the use of AI, psychological manipulation, and social media platforms to deceive even experienced users.

The report also outlines Bitget's comprehensive anti-fraud measures, including its Anti-Scam Hub, partnerships with SlowMist and Elliptic, and advanced tools for tracking illicit funds and dismantling phishing networks. It provides actionable defense strategies for users and institutions to combat these threats effectively.

Deepfake Impersonation: Trust Under Siege

Deepfake technology has emerged as a critical tool for crypto fraudsters, enabling them to impersonate public figures with uncanny accuracy. The report reveals that 40% of high-value fraud cases in 2024 involved deepfake technology. Fraudsters use AI-generated videos to mimic the faces and voices of crypto executives, government officials, and industry influencers, often promoting fake investment platforms.

For example, in early 2025, Hong Kong police dismantled a deepfake scam ring that stole $34 million by impersonating crypto executives. Similarly, videos of Singapore's Prime Minister and Tesla CEO Elon Musk were used to promote fake crypto platforms. These scams exploit users' trust in authority figures, making them highly deceptive.

Social Engineering Scams: Exploiting Human Vulnerabilities

Social engineering remains a dominant tactic in crypto fraud, targeting users' psychological weaknesses. The report categorizes these scams into several types:

• AI Arbitrage Bots: Fraudsters claim these bots, allegedly coded by ChatGPT, can generate profits automatically. Victims are lured into deploying fake smart contracts that siphon their funds.

• Job Offer Trojans: Scammers send fake job offers with malicious test tasks or links, compromising victims' devices.

• Phishing Links: Social media platforms like X and Telegram are rife with phishing links disguised as airdrops or staking platforms.

These attacks rely on trust, greed, or confusion to manipulate users into taking actions that result in financial loss.

Modern Ponzi Schemes: DeFi, NFT, and GameFi Disguises

Traditional Ponzi schemes have evolved in the crypto era, often masquerading as DeFi, NFT, or GameFi projects. These scams promise high and stable returns through staking, liquidity mining, or platform tokens.

A notable example is the JPEX incident in Hong Kong, where a fraudulent platform attracted over 2,600 victims and caused losses exceeding HKD 1.6 billion. Another case involved the Leaper Finance project, which used fake audits and manipulated on-chain data to lure users before collapsing. These schemes often employ AI, blockchain data manipulation, and viral marketing to appear legitimate.

Summary of Defensive Measures

The report emphasizes the importance of collective defense mechanisms:

1. Bitget’s Anti-Scam Hub: Beyond offering real-time threat detection and phishing URL identification, Bitget has established a substantial protection fund exceeding $300 million. This fund is designated to compensate users in the event of security incidents related to the platform, ensuring user confidence and security in its operations.

2. Elliptic Tools: Bitget employs Elliptic’s advanced transaction monitoring tools, which excel in cross-chain analysis by fully reconstructing the path of funds across blockchain bridges. This capability exposes related illicit entities, providing comprehensive visibility into fraudulent activities and enhancing the platform's ability to block stolen funds effectively.

3. SlowMist Intelligence: SlowMist offers detailed threat analysis and practical guidance to dismantle phishing networks and prevent fraud. Their five core recommendations for users and businesses include:

   1. Implementing multi-factor authentication to add an extra layer of security.

   2. Regularly updating software and systems to protect against vulnerabilities.

   3. Educating employees and users about common phishing tactics and how to recognize them.

   4. Conducting regular security audits to identify and address potential weaknesses.

   5. Establishing a robust incident response plan to quickly mitigate any security breaches.

The report also provides a "Red Flag Checklist" to help users identify potential scams, such as deepfake videos, phishing links, and fake staking platforms.

Strategic Vision for Future-Proofing Crypto Security

The Bitget 2025 Anti-Scam Month Report highlights the need for a shift from isolated defenses to a collective "network immunity" approach in the crypto ecosystem.

As fraudsters continue to innovate, platforms like Bitget are raising the bar with multi-layered security architectures and global collaborations. To explore the full report, access it here.