In just Q1 2025 alone, authorities dismantled 87 deepfake-driven scam operations, according to the 2025 Anti-Scam Month Research Report co-authored by Bitget, SlowMist, and Elliptic. This figure underscores the escalating danger posed by AI-enabled scams, particularly within the cryptocurrency sector.
The 2024 report also reveals a stark 24% year-on-year increase in global crypto scam financial losses, reaching $4.6 billion—nearly 40% of significant frauds utilized deepfake technology.
Defending against such scams requires more than just technological solutions—it demands a fundamental shift in cybersecurity practices. Bitget CEO Gracy observed, “The speed at which scammers can now generate synthetic videos, combined with social media’s virality, gives deepfakes a unique advantage in both reach and believability.”
Deepfakes: An Insidious Threat in Modern Crypto Scams
The report identifies three dominant categories in modern crypto scams: AI-generated deepfake impersonations, social engineering, and Ponzi schemes disguised as promising DeFi or GameFi projects.
The threat landscape has evolved dramatically: AI can now simulate text, voice, facial expressions—even subliminal reactions. Sophisticated fake video endorsements mimicking world leaders and tech icons like Singapore’s Prime Minister and Elon Musk have proliferated across Telegram and social media.
A notable example came from Polygon co-founder Sandeep Narwal, who warned after discovering bad actors impersonated him via Zoom. “Several people had contacted us on Telegram, asking if I was on a call and requesting script installation,” he reported.
SlowMist CEO shared similar concerns, emphasizing the need for vigilance regarding Zoom links’ domain names.
New Scam Threats Call for Smarter Defenses
The sophistication of AI-powered scams increases daily, creating challenges for both individuals and institutions. Mitigation strategies include regular security training, email system protection, code monitoring, and phishing simulations.
Gracy advises everyday users: “Verify, isolate, and slow down.” Specifically, “Always verify via official channels—never trust links shared in chats. Use separate wallets when exploring new platforms.”
