According to a new report, the rise of artificial intelligence (AI) is driving a sharp increase in cryptocurrency-related scams, with deepfake technology leading to a surge in complex fraud cases.
According to the "2025 Anti-Fraud Research Report" co-authored by cryptocurrency exchange Bitget, blockchain security company SlowMist, and analytics provider Elliptic, at least 87 scam rings using AI-generated deepfakes were dismantled in the first quarter of 2025.
The report also reveals that the amount of cryptocurrency fraud in 2024 reached $4.6 billion, a 24% increase from the previous year. Nearly 40% of high-value fraud cases involved deepfake technology, with scammers increasingly using sophisticated impersonation tactics of public figures, founders, and platform executives to deceive users.
Gracy Chen, CEO of Bitget, stated, "Scammers are now generating synthetic videos at an astonishing speed, combined with the viral nature of social media, giving deepfakes a unique advantage in terms of reach and credibility."
The report details the composition of modern cryptocurrency scams, identifying three main categories: AI-generated deepfake impersonation, social engineering scams, and Ponzi schemes disguised as decentralized finance (DeFi) or GameFi projects. The report warns that deepfakes are particularly difficult to detect.
AI can simulate text, voice messages, facial expressions, and even actions. For example, using fake video endorsements of public figures like Singapore's Prime Minister or Elon Musk to promote investment platforms is a common strategy that exploits public trust through Telegram, X, and other social media platforms.
AI can even simulate real-time reactions, making these scams increasingly difficult to distinguish from reality. Sandeep Nailwal, co-founder of blockchain platform Polygon, issued a warning in a post on X on May 13, revealing that bad actors impersonated him via Zoom.
He mentioned that several individuals contacted him through Telegram, asking if he wanted to have a Zoom call with them and whether he requested them to install scripts.
Yu Xian, CEO of SlowMist, urged users to verify the legitimacy of Zoom links and domains to avoid becoming victims of video-based impersonation scams.
As deepfake scams become more convincing, security experts emphasize that education and vigilance are crucial. The report notes that regular security training and robust technical defenses are essential for organizations. It recommends that businesses conduct phishing simulations, protect email systems, and monitor code leaks. The report adds that establishing a security-first culture—where employees verify before trusting—is the best way to prevent scams from starting.
Gracy Chen provided a simple method for ordinary users: "Verify, isolate, slow down." She added:
"Always verify information through official websites or trusted social media accounts—never rely on links shared in Telegram chats or Twitter comments."
Chen also emphasized the importance of isolating risky behavior by using separate wallets when exploring new platforms.
Related: Cryptocurrency scammers admit to a $37 million scam scheme targeting U.S. victims
Original text: “Report: 87 Deepfake Scam Rings Dismantled in Asia in Q1 2025”
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