$4.6B Lost to Crypto Scams, Deepfakes Behind the Fraud

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$4.6 Billion Lost to Crypto Scams in 2024, Deepfakes Behind the Fraud

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 10, 2025

Key Takeaways

Crypto scams hit $4.6 billion in 2024, with nearly 40% involving deepfakes of public crypto figures;
In early 2025, 87 deepfake-driven scam groups were shut down across parts of Asia;
Experts urge users to verify info through trusted sources and avoid rushed crypto actions.

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$4.6 Billion Lost to Crypto Scams in 2024, Deepfakes Behind the Fraud

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A report published on June 10 from Bitget $3.45B , SlowMist, and Elliptic revealed that scams in the crypto industry are rising, with deepfake technology playing a major role.

In 2024, total losses from crypto scams reached $4.6 billion, a 24% increase from the previous year. Almost 40% of the most serious cases involved deepfake videos or audio, often used to impersonate well-known figures in crypto.

In the first few months of 2025, 87 scam operations that used deepfake content were shut down across various parts of Asia. These groups relied on AI tools to create fake interviews, announcements, and endorsements that looked convincing.

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The report broke crypto scams into three main categories, deepfake impersonations, social manipulation, and schemes disguised as decentralized finance (DeFi) or GameFi projects. Deepfakes are becoming harder to detect, especially as the software used to create them becomes more advanced and widely available.

The authors stated that stopping these scams requires both awareness and action. For businesses, that means protecting internal systems, training staff regularly, and checking for signs of code or data leaks.

Gracy Chen, CEO of Bitget, gave three key tips for staying safe, which include checking information carefully, keeping high-risk activities separate, and avoiding rushed decisions. She advised users to verify any information they see through official websites or trusted sources, and not to rely solely on messages sent in public chats or replies on social media.

On June 5, Meta's content review board requested that the company remove a Facebook video that featured a fake version of Ronaldo Nazário to promote a game app. Why? Read the full story.