Deepfake Crypto Scams to Double, Surpassing $25B in 2024
Crypto losses due to deepfake crypto scams are set to exceed $25 billion in 2024, more than doubling last year’s losses, according to Bitget.
In a June 27th Bitget report , the crypto exchange noted a 245% increase in the number of deep fakes worldwide in 2024, drawing from earlier Sumsub research data .
Countries such as China, Germany, Ukraine, the United States, Vietnam, and the United Kingdom have been most affected, with the highest number of deep fakes detected in the first quarter of 2024.
Meanwhile, the crypto industry continues to bear the brunt, experiencing a 217% year-over-year surge compared to Q1 2023.
In Q1 2024, losses totalled over $6.3 billion. Something Bitget highlighted to be an emergent issue, predicting a rise to $10 billion per quarter by 2025.
In fact, Bitget believes that deepfakes may account for over 70% of all crypto crimes within the next 2 years.
Interestingly, deepfake fraudsters haven’t changed their tactics too much over the years. Typically, they exploit the likeness of influential figures and celebrities to promote fraudulent investment schemes.
They falsely imply that the project has legitimate or official backing – thereby legitimizing it among potential victims.
Recently, over 35 YouTube channels live-streamed the Space X launch using an AI-generated voice and Deepfake to impersonate Elon Musk .
The scheme exploited Musk’s likeness to instruct viewers to send Bitcoin or Ethereum to an address to get double back. They claimed “This is not a fake, this is a real giveaway. I personally guarantee it to you.”
Anyone just see the freakin @elonmusk / crypto scam on the @SpaceX launch YouTube stream? In a deep fake video that cut into the stream, Elon directs everyone to scan a QR
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