Deepfake technology has led to a staggering $79.1 billion in losses from crypto scams since early 2022, with a dramatic 245% surge in incidents in 2024 alone, according to Bitget Research.
These scams exploit hyper-realistic synthetic media to impersonate celebrities and manipulate investors into fraudulent schemes.
The report warns that without robust global legal frameworks and enhanced user education, losses could skyrocket to $10 billion per quarter by 2025.
Social engineering and bot fraud accounted for $2.03 billion in losses in early 2024, highlighting the severity of the issue.
Authorities and industry experts emphasise the urgent need for vigilance and regulatory action to mitigate the growing threat of deepfake-related crimes in the cryptocurrency sector.