Global crypto scam losses surged to $4.6billion in 2024, with deepfake technology and social engineering emerging as the dominant tactics behind high-value thefts, according to crypto exchange and Web3 company Bitget.
Launched in partnership with blockchain security firms SlowMist and Elliptic, the 2025 Anti-Scam Research Report from Bitget coincides with the launch of the crypto exchange’s Anti-Scam Month, an initiative dedicated to security education and ecosystem-wide awareness.
According to the new report, AI-powered scams have moved beyond phishing emails to include fake Zoom calls, synthetic videos of public figures, and Trojan-laced job offers.
Bitget identifies three primary scam categories as the leading causes of user loss:
- Deepfake impersonation
- Social engineering schemes
- Ponzi-style projects cloaked in DeFi or NFT branding
It also outlines how stolen funds are funnelled through cross-chain bridges and obfuscation tools before reaching mixers or exchanges, complicating enforcement and recovery efforts.
“The biggest threat to crypto today isn’t volatility – it’s deception,” explained Bitget CEO Gracy Chen. “That’s why Bitget has designated the entire month of June as Anti-Scam Month—an initiative to elevate industry standards and user awareness. This report is the flagship release within that effort. AI has made scams faster, cheaper, and harder to detect. At Bitget, we believe fighting back requires both technological rigour and ecosystem-wide collaboration. Our goal is to help users trade smarter, not just faster.”
Additional insights include case studies from major scam incidents in Hong Kong, the rising use of Telegram and X (Twitter) comment sections as phishing entry points, and the continued growth of professionally run fraud rings operating across borders.
Combatting fraudsters
The report also details how Bitget’s Anti-Scam Hub, innovative detection systems, and a Protection Fund exceeding $500million are being actively deployed to mitigate user risks. SlowMist offers detailed forensic insights into scam tactics, ranging from address poisoning to job offer Trojans, while Elliptic examines the laundering patterns of stolen cryptocurrency through cross-chain bridges and mixer platforms.
“Criminals are constantly evolving their methods of attack, using AI and finding new ways to scale their activities,” explained Arda Akartuna, lead crypto threat researcher, Elliptic, APAC. “This means that reciprocally, we are also working to scale our technology and blockchain capabilities to track and identify the new methods criminals are using. Our work with Bitget reflects a shared urgency to expose these evolving threats and give users the tools to protect themselves.”
The report closes with actionable recommendations for both users and institutions, including scam red flag indicators and best practices for avoiding common traps in DeFi, NFT, and Web3 environments.
“This report reflects the real-world patterns we’re seeing on-chain every day. From phishing rings to fake staking dApps, the tactics may change, but the psychology is always the same,” added Lisa, security operations lead at SlowMist.
