AI Deepfakes Drove 40% of High-Value Crypto Fraud in 2024

Alarming Rise in Crypto Scams

AI deepfake crypto fraud was behind nearly 40% of all high-value scams in 2024. Scammers used fake voices and videos to commit massive thefts.

Crypto fraud losses reached $4.6 billion last year, and AI deepfake crypto fraud played a major role in this 24% year-over-year increase.

How Scammers Used AI Deepfakes

Fraudsters impersonated well-known figures like Elon Musk in deepfake videos to promote fake crypto giveaways.

They also posed as government officials and celebrities to bypass Know Your Customer (KYC) checks on exchanges.

On video calls, scammers used deepfake tools to mimic executives and convince people to install malware.

Global Impact and Crackdowns

In early 2025, over 87 deepfake scam groups were dismantled across Asia, revealing the growing global threat.

Hong Kong authorities arrested 31 suspects involved in a deepfake scam that defrauded victims of $34 million in crypto.

Evolution of Traditional Crypto Scams

Traditional fraud tactics like Ponzi schemes and phishing scams have now merged with AI-powered visuals.

Fake platforms for DeFi, GameFi, and NFTs now look more convincing thanks to AI-generated interfaces and spokespersons.

Rise of Audio Deepfake Fraud

Audio deepfakes were also common. Scammers mimicked trusted voices and tricked victims into sending crypto instantly.

These voice attacks often targeted employees or partners of crypto investors and firms.

Social Engineering + AI = Double Danger

Romance scams, often called “pig butchering,” became harder to detect when scammers used AI-generated profiles and media.

Phishing emails and websites now use deepfakes to impersonate real customer service agents or CEOs.

Why AI Makes Fraud Easier

Generative AI has made it easy for scammers to create fake content without technical skills. This lowers the entry barrier for fraud.

Deepfakes are more convincing than ever—fooling even experienced users and financial professionals.

Warning From Experts

Bitget’s CEO called deepfake tools “psychologically manipulative weapons” that exploit people’s trust and emotions.

Fact-checkers and digital safety experts say detection is lagging behind the speed of deepfake development.

Industry Fights Back

Crypto firms are building better scam detection tools and forming partnerships with cybersecurity experts.

Bitget launched an “Anti-Scam Hub” and created a $300 million protection fund for scam victims.

Tips to Stay Safe

Users should always verify identities—especially during video or voice calls requesting crypto.

Avoid investing in anything that sounds too good to be true, and research thoroughly before sending funds.

Conclusion: Stay Alert in the Age of AI Scams

AI deepfake crypto scams are rising quickly and becoming more advanced. Stronger digital defenses and user awareness are key to staying safe.