Artificial intelligence is not only revolutionizing productivity but also fraud. The new Anti-Scam Report from Bitget highlights the consequences in connection with crypto theft.
The global crypto exchange Bitget has published an Anti-Scam Research Report in collaboration with security firms SlowMist and Elliptic. The core finding: In 2024, a total of USD 4.6 billion was stolen through crypto-related fraud worldwide – the majority involving the use of artificial intelligence. Deepfakes, social engineering, and automated trojans have made scam operations more efficient, scalable, and harder to detect.
New dimension of scams through deepfakes & social engineering
The report details how crypto fraud has evolved. Instead of simple phishing emails, cybercriminals now use deepfake videos, fake Zoom interviews, and even fake projects based on NFT or DeFi. Particularly insidious are social engineering attacks via Telegram or Discord, where supposed “administrators” trick users into revealing their wallet access.
Stolen funds are increasingly laundered through cross-chain bridges, mixers, and complex wallet structures. SlowMist documents several case studies showing the high level of professionalism among these groups – often involving international division of labor.
Growing threat to retail investors
In response to the findings, Bitget has launched “Anti-Scam Month.” At the same time, the platform is announcing new measures: an enhanced Anti-Scam Hub, improved early warning systems, and an expanded Protection Fund of USD 500 million aimed at better protecting users.
Retail investors are especially affected, suffering heavy losses due to fake airdrops, scam bots, or compromised wallets. Many attacks imitate official channels and projects so realistically that even experienced users fall victim. According to the report, a large share of the losses affect individuals in Asia, Europe, and Latin America – regions with high crypto growth.
In this context, the report also calls on other market participants to establish industry-wide standards for scam detection and user education. Only coordinated efforts among exchanges, wallet providers, and blockchain analytics firms can sustainably improve the security level across the entire Web3 ecosystem.
