Impersonation scams targeting crypto users rose by 1400% year on year in 2025, according to a report by Chainalysis.
Fraudsters increasingly posed as trusted individuals or organisations to steal crypto, passwords and account access.
Chainalysis said scammers are combining impersonation with tactics such as social engineering and investment fraud.
Many pig butchering and investment scams incorporate elements of impersonation.
Chainalysis said.
The average amount stolen per impersonation scam increased by more than 600%, which Chainalysis described as a concerning trend.
One major case involved scammers posing as Coinbase and stealing nearly $16 million from victims.
A suspect was indicted in Brooklyn in December and has pleaded not guilty to charges including grand larceny and money laundering.
Chainalysis said artificial intelligence has accelerated the industrialisation of fraud across crypto markets.
AI-enabled scams were 4.5 times more profitable and showed higher operational efficiency.
Chainalysis said.
The firm said increased transaction volumes suggest scammers can target and manage more victims simultaneously.
Law enforcement activity against crypto scams increased in 2025 but challenges remain.
Chainalysis urged greater use of real-time fraud detection systems and stronger cross-border cooperation.
There are no silver bullets to tackling industrial-scale scamming activity.
Chainalysis said.
Security experts advised users to treat unsolicited messages with scepticism and never share sensitive information.