Bitget Reports $4.6 Billion Lost to AI-Linked Crypto Scams in 2024

The promise of crypto was financial freedom. Today, it also attracts the most ingenious scammers on the planet. Fueled by artificial intelligence, their schemes are becoming undetectable and massive. In 2024, these scams caused $4.6 billion in losses, according to Bitget’s anti-scam report. A staggering figure that forces the industry to reconsider its priorities.

Artificial intelligence, the new weapon of mass destruction in crypto

We thought we had seen it all in the crypto universe. But 2024 has been the year of the perfect illusion: deepfakes, trap job offers, fake Zoom calls… Scammers have stopped tinkering in the shadows and become true maestros of digital crime.

According to the anti-scam report published by Bitget, in collaboration with SlowMist and Elliptic, no less than $4.6 billion vanished due to AI-powered frauds.

As technology advances, scams also evolve. Cybercriminals no longer settle for simple phishing emails; they now impersonate company executives, public figures, or fictitious recruiters with chilling realism. The result: large-scale, often cross-border scams that make any attempt to recover funds almost illusory.

Bitget, well aware of the seriousness of the situation, has decided to respond. June becomes “Anti-Scam Month,” aiming to raise user awareness about the dangers of AI-enhanced crypto. Because the real risk today is no longer price volatility, but the volatility of trust.

Deepfakes, DeFi and NFT: the three faces of modern theft

The Bitget report identifies three major trends: deepfake impersonation, sophisticated social engineering, and Ponzi schemes disguised as DeFi or NFT projects.

Take the case of deepfakes. They are no longer just TikTok pranks. Ultra-realistic videos show leaders or influencers encouraging investment in fraudulent projects. The impact is immediate: the supposed authority of the public figure is enough to trigger massive fund transfers.

Added to this is social engineering: fake job interviews, fraudulent job offers, and even romance scams, all facilitated through platforms like Telegram or X (formerly Twitter). Crypto has become a hunting ground where victims are targeted based on their psychological profile, not randomly.

What about DeFi/NFT scams? Under the guise of innovation, there is a proliferation of flash projects promising crazy returns, often disguised in tech jargon that’s opaque to the general public. Ponzi, but Web3 style.

A collective response is necessary: security, the next challenge for crypto

Faced with this wave of fraud, the response can only be ecosystem-wide. Bitget, for example, activates its Anti-Scam Hub, deploys advanced detection tools, and mobilizes its protection fund of over $500 million. SlowMist tracks fraud patterns via on-chain intelligence techniques. Elliptic monitors laundering circuits via cross-chain bridges and mixers.

But this war cannot be won by technology alone. Users themselves must take a defensive stance: learn to identify warning signs, be wary of offers that seem too good to be true, and stay informed. Because crypto is not a game — it’s a minefield where ignorance is costly.

At a time when crypto is becoming mainstream, security can no longer be optional. It must become the new standard. As Gracy Chen, CEO of Bitget, says: “Our goal is to help users trade smarter, not just faster.” A maxim to ponder so you don’t become the next target while millionaires profit from the rise of bitcoin.