Crypto fraud is booming: you should know these three tricks!

Crypto fraud is booming: you should know these three tricks!

The increasing adoption of cryptocurrencies has also significantly increased the opportunities for crypto fraud. Bitget's recently released 2025 Anti-Scam Report identifies three of the most common scams targeting crypto investors: deepfakes, social engineering and pyramid schemes. According to Cointelegraph reports, crypto fraud losses rose to $4.6 billion in 2024, an increase of 24 percent. A significant increase in crypto fraud cases was already detected in the first quarter of 2025, which illustrates the urgency of countermeasures.

Bitget's report, produced in collaboration with SlowMist and Elliptic, highlights that over $98 billion is locked in decentralized protocols, increasing the attack surface for fraudsters. Fraudsters use sophisticated strategies to specifically exploit the weaknesses of crypto investors and integrate new technologies such as artificial intelligence.

Deepfakes as a new threat

Deepfakes represent one of the most dangerous forms of current crypto fraud. Fraudsters use fake videos to get celebrities to promote fraudulent crypto projects. In Hong Kong, 31 people were recently arrested for stealing $34 million in a deepfake scam. These attacks use AI tools to create realistic audio and video impersonations of public figures and distribute them on social media. This technology is also used to imitate Zoom meetings and trick unsuspecting victims into downloading malware or revealing sensitive information.

Social Engineering: Psychological manipulation in focus

Another common scam is social engineering, which exploits human weaknesses. The report particularly highlights that automated trading strategies supposedly developed with AI are designed to attract crypto users. Classic phishing also remains relevant, with scammers impersonating crypto exchanges such as Gemini and Coinbase to steal information. Fear of global trade wars is also being strategically used by fraudsters to encourage investments in fake crypto projects. Europol has found in its analysis that the combination of AI and cryptocurrencies increases the “criminal efficiency” of fraudsters.

Pyramid Schemes: Digital Evolution

Pyramid schemes have undergone a “digital evolution” and now leverage popular crypto market products such as DeFi, NFTs and GameFi. These scam projects professionally integrate into niche markets and attempt to feign legitimacy. The case of the fraudulent crypto trading platform JPEX in Hong Kong exemplifies the dangers posed by such systems.

To counter these threats, Bitget has set up an Anti-Scam Hub to monitor suspicious activity and track illegal money flows. Users are encouraged to review all instructions regarding their assets and adopt secure communication practices. Particularly alarming are the reports of North Korean IT workers using fraudulent identities to evade KYC checks and channel crypto revenues to the regime.

With developments in crypto technology, it is becoming increasingly important for investors to stay informed about the latest scams to protect themselves from potential losses. Trust in crypto-assets could be severely compromised by these critical incidents if future developments are not addressed quickly and effectively.