Crypto fraud explodes: $4.6 billion stolen in 2024!

Crypto fraud explodes: $4.6 billion stolen in 2024!

Bitget's recent report, published in collaboration with SlowMist and Elliptic, highlights the dramatic increase in crypto scams in 2024. In total, $4.6 billion was stolen worldwide through various scams. The increasing methods of cybercrime make heavy use of artificial intelligence, which makes detecting fraud much more difficult. Fraud types such as deepfakes, social engineering and automated Trojans make scam operations more efficient and dangerous for users.

Bitget has declared “Anti-Scam Month” and is planning new measures to increase user security. This includes a revised anti-scam hub and strengthened early warning systems. A Protection Fund of $500 million will also be set up to support affected users. Retail investors are particularly at risk, suffering heavy losses from fake airdrops, scam bots and compromised wallets, with the greatest damage found in Asia, Europe and Latin America.

The changing nature of fraud

Developments in the area of ​​crypto fraud show that these scams are becoming increasingly sophisticated. In 2025, techniques to hijack victims' reality through AI deepfakes and advanced Ponzi schemes are expected to evolve. This was confirmed by Bitget's report, which also points to high security incidents and government involvement in crypto laundering. The threats can be divided into three main areas: deepfake impersonation, social engineering scams and advanced Ponzi schemes.

A notable incident occurred in early 2025 when police in Hong Kong arrested 31 people involved in a deepfake scam in which $34 million was stolen. The perpetrators used AI tools to create realistic audio and video impersonations of crypto executives, further eroding user trust in the legitimacy of online offerings.

Strengthening security measures

To counteract these developments, the report recommends that users verify asset-related instructions across multiple channels, as visual and auditory credibility is no longer sufficient. Scammers now not only use platforms like Telegram, but also offer fake Zoom meetings in which deepfake avatars are used to trick users into revealing their wallet access.

Additionally, traditional forms of Ponzi and pyramid schemes have moved digital. These use on-chain tools and viral marketing to attract new victims. Small amounts of $50 to $200 are often targeted because they are typically less likely to be prosecuted. Those responsible for these scams are often well organized and use social networks to promote their dubious projects.

Bitget's report calls on all market participants to jointly establish standards for fraud detection and user education. As threats continue to grow, it is imperative that the crypto industry improves its defense strategies to protect assets and regain user trust.

Current developments make it clear that the fight against crypto fraud is more intense and urgent than ever. Companies and users alike are required to be vigilant and actively defend themselves against the diverse threats.

For more information, read the full reports cvj.ch and beincrypto.com.