The cryptocurrency landscape in 2024 faced a staggering surge in fraud, with AI-powered scams alone accounting for $4.6 billion in investor losses, according to the 2025 Anti-Fraud Research Report jointly released by leading digital asset exchange and Web3 platform Bitget, blockchain security firm SlowMist, and crypto intelligence company Elliptic.
This alarming figure highlights a critical shift: cybercriminals are no longer relying on crude phishing attempts. Instead, they are leveraging advanced artificial intelligence tools to execute highly convincing, large-scale attacks that exploit trust, technology, and human psychology. In response, Bitget has launched its “Anti-Fraud Month,” a month-long initiative dedicated to raising awareness and strengthening the collective defense of the crypto ecosystem.
The Evolution of AI-Powered Fraud: From Emails to Deepfakes
Gone are the days when crypto scams were limited to poorly written phishing emails. The report outlines how AI has dramatically elevated the sophistication and scale of fraudulent activities. Today’s attackers use:
- Deepfake video calls mimicking real executives or influencers during Zoom meetings
- Synthetic media featuring cloned voices and realistic facial movements of public figures promoting fake investment schemes
- Malware-laced job offers disguised as legitimate employment opportunities in the blockchain space
These tactics fall into three primary categories identified in the report:
- Deepfake impersonation scams
- Social engineering frauds
- Ponzi schemes masked as DeFi or NFT projects
Each method exploits user trust while remaining difficult to detect. Once funds are stolen, criminals often route them through cross-chain bridges and cryptocurrency mixers to obscure the trail—making recovery nearly impossible and law enforcement efforts increasingly complex.
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Social Platforms as Breeding Grounds for Crypto Scams
The report highlights a troubling trend: social media platforms like Telegram and X (formerly Twitter) have become major gateways for fraud. Scammers actively monitor comment sections and private groups, posing as support agents or community moderators to trick users into revealing private keys or sending funds.
Notably, several high-profile cases analyzed in the report originated in Hong Kong, where organized crime syndicates have begun adopting blockchain-based fraud techniques. These are no longer isolated individuals working from basements—they are well-funded, multinational operations using AI at scale to target vulnerable investors globally.
Gracy Chen, CEO of Bitget, emphasized the urgency:
“The biggest threat in today’s crypto world isn’t volatility—it’s deception. AI makes fraud faster, cheaper, and harder to detect. That’s exactly why we’re launching Anti-Fraud Month and publishing this report. True protection comes from combining technological defenses with ecosystem-wide collaboration.”
How Fraudsters Launder Stolen Crypto Assets
Once crypto assets are stolen, laundering becomes the next phase. According to Elliptic’s analysis, criminals increasingly rely on:
- Cross-chain bridges to move funds between blockchains anonymously
- Privacy-focused mixers that obfuscate transaction trails
- Decentralized exchanges (DEXs) to swap assets without KYC verification
These tools allow bad actors to blend illicit funds with legitimate traffic, complicating forensic investigations. Arda Akartuna, Senior Threat Analyst at Elliptic Asia-Pacific, stated:
“Criminals are evolving their tactics rapidly by leveraging AI for mass-scale attacks. We must upgrade our detection and tracking capabilities accordingly. Our collaboration with Bitget reflects this shared sense of urgency.”
Proactive Defense: Bitget’s Security Framework
In response to rising threats, Bitget has implemented a multi-layered security strategy designed to detect, prevent, and mitigate fraud:
- Dedicated Anti-Fraud Center: Monitors suspicious activity 24/7
- AI-Powered Detection Systems: Identify anomalous behavior patterns in real time
- Over $500 million User Protection Fund: Provides compensation for verified victims of scams
Additionally, SlowMist contributed on-chain forensic insights into common attack vectors such as address poisoning and fake airdrop campaigns. Their security operations lead, Lisa, noted:
“What we see on-chain every day confirms these trends. Whether it’s phishing or fake staking projects, the techniques change—but the psychological playbook remains the same: urgency, authority, and greed. Users must remain vigilant.”
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Frequently Asked Questions (FAQ)
Q: What is a deepfake scam in crypto?
A: A deepfake scam uses AI-generated audio or video to impersonate trusted figures—like CEOs or influencers—to trick people into sending cryptocurrency or revealing private information.
Q: How can I protect myself from job offer scams?
A: Always verify job postings through official company websites. Never download files or connect your wallet during an interview process. Legitimate companies won’t ask for seed phrases or upfront payments.
Q: Are all DeFi or NFT projects risky?
A: Not all—but many scams disguise themselves as innovative DeFi protocols or exclusive NFT drops. Always research the team, audit status, and community reputation before investing.
Q: Can stolen crypto be recovered?
A: Recovery is extremely difficult once funds are moved through mixers or cross-chain bridges. Prevention through education and secure practices is the best defense.
Q: Why are Telegram and X popular among scammers?
A: These platforms offer anonymity, wide reach, and real-time interaction—making them ideal for deploying social engineering attacks quickly and at scale.
Building a Safer Web3 Ecosystem Together
As AI continues to advance, so too will the methods used by cybercriminals. However, this arms race isn’t one-sided. With collaborative efforts between exchanges, security firms, regulators, and users, the crypto industry can build stronger defenses.
Education remains a cornerstone. Users must understand that no legitimate project will DM them first, demand immediate action, or promise unrealistic returns. Simple habits—like double-checking URLs, enabling two-factor authentication, and never sharing recovery phrases—can prevent most attacks.
Bitget’s Anti-Fraud Month aims to embed these lessons across communities worldwide. Through webinars, interactive content, and real-world case studies, they’re empowering users with knowledge—the most powerful tool against deception.
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Final Thoughts
The $4.6 billion lost in 2024 serves as a wake-up call. AI is not just transforming innovation—it’s supercharging crime. But with awareness, proactive technology, and unified action across the ecosystem, the Web3 community can turn the tide.
Security isn’t just a feature—it’s a shared responsibility. As adoption grows, so must our commitment to protecting every user entering the decentralized future.
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