Cryptocurrency scams are on the rise, fueled by AI-powered social engineering and deepfake technology. A Bitget report, drawing on data from blockchain security firms SlowMist and Elliptic, estimates a staggering $4.6 billion was lost to international crypto scams in 2024 alone.
These scams increasingly utilize sophisticated AI to manipulate and deceive users. By leveraging social engineering techniques, scammers craft convincing narratives and impersonate trusted figures to trick victims into divulging sensitive information or transferring funds. The growing use of deepfakes further exacerbates the problem, allowing scammers to create realistic but fabricated videos and audio to enhance their deception. This combination of AI and social engineering poses a significant threat to crypto users, highlighting the urgent need for increased awareness and robust security measures.
