Deepfake Crypto Scams Surge: A 2025 Threat Report
Deepfake Crypto Scams Surge: A 2025 Threat Report
A new report from Bitget, in collaboration with blockchain security firms SlowMist and Elliptic, exposes the terrifying evolution of cryptocurrency scams. The findings highlight a disturbing trend: sophisticated attacks leveraging AI deepfakes, social engineering, and advanced Ponzi schemes are becoming increasingly prevalent.
AI Deepfakes Blur the Line Between Real and Fake
The report details how malicious actors utilize AI-generated deepfakes to impersonate prominent figures like Elon Musk and government officials. These realistic videos, often disseminated on platforms such as Telegram, X (formerly Twitter), and YouTube Shorts, promote fraudulent investment opportunities. One notable incident involved a deepfake of Singapore’s Prime Minister endorsing a fake government-backed crypto initiative, defrauding thousands. In Q1 2025 alone, 87 deepfake scams were dismantled across Asia, resulting in losses of $34 million in one operation alone.
Tools like Synthesia, ElevenLabs, and HeyGen are readily available, making it easier for attackers to create convincing deepfakes. The report stresses that these videos often disable comments to maintain an illusion of legitimacy.
Zoom Scams and Trojan Software
Another dangerous tactic involves fake Zoom meeting invitations from supposed crypto executives. Victims are tricked into downloading malware that grants attackers access to sensitive data, including browser history, cloud storage, and private keys, leading to complete account compromise. This layered approach combines technical infiltration with social manipulation, creating a new category of “identity hijack.”
Social Engineering: Exploiting Human Psychology
The report emphasizes the role of social engineering in these scams. One example is the rise of fraudulent "AI arbitrage bot" scams promising easy profits using ChatGPT-branded smart contracts. Victims are tricked into deploying malicious code through fake Remix IDE pages, resulting in immediate fund theft. These attacks, while individually small ($50-$200 per victim), cumulatively generate substantial profits for the perpetrators due to their frequency.
Ponzi Schemes 2.0
Traditional Ponzi and pyramid schemes have also adapted to the digital landscape. These scams now utilize on-chain tools, viral marketing, and the veneer of legitimacy offered by smart contracts to attract victims. They operate through Telegram groups, Twitter hype, and tokens with referral mechanisms, masking their exit liquidity strategies. The use of smart contracts provides a false sense of decentralization and transparency.
Influencers and anonymous promoters often spread these scams through memes, testimonials, or AI-generated videos. Projects disguised as DAOs or staking protocols lure users with unsustainable returns, creating a frenzy that hides the scheme’s ultimate collapse.
A Call for Enhanced Security Measures
Bitget has launched an Anti-Scam Hub to proactively identify suspicious activities. The company is partnering with Elliptic and SlowMist to trace illicit funds and dismantle phishing infrastructures across various blockchains. The report strongly urges users to verify all asset-related instructions across multiple channels, emphasizing that visual and auditory credibility alone is insufficient.
Codeum offers a comprehensive suite of blockchain security solutions to combat these threats, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Contact us to discuss your specific security needs.
The crypto industry needs to bolster its defenses against increasingly sophisticated scams. Safeguarding assets and rebuilding user trust are paramount in this evolving digital landscape.