Crypto crooks are getting bolder — and now, they sound just like your mom.
Global crypto scams soared 456% between May 2024 and April 2025 — becoming increasingly reliant on AI-generated voices, deepfake videos and phony credentials to fleece unsuspecting victims, blockchain intelligence firm TRM Labs‘ Ari Redbord told The Post after testifying before Congress last Tuesday.
“These scams are highly effective, as the technology feels incredibly real and familiar to the victim,” Redbord said.
“We’ve seen cases where scammers use AI to replicate the voice of a loved one, tricking the victim into transferring money under the guise of an urgent request.”
And the threat is exploding — especially in high-density cities like New York, Miami and Los Angeles, he added.
In June, New York officials froze $300,000 in stolen cryptocurrency and seized more than 100 scam websites linked to a Vietnam-based ring that targeted Russian-speaking Brooklynites with fake Facebook investment ads.
Meta shut down over 700 Facebook accounts tied to the scam.
Investigators say the group used deepfake BitLicense certificates and moved victims onto encrypted apps like Telegram before draining their wallets.
Some New Yorkers lost hundreds of thousands of dollars — and it’s not just everyday joes getting targeted.
Even crypto insiders are falling for it. Florida-based crypto firm MoonPay saw its CEO Ivan Soto-Wright and CFO Mouna Ammari Siala duped into wiring $250,000 in crypto to a scammer posing as Trump inauguration co-chair Steve Witkoff, according to a recent Department of Justice complaint. --->READ MORE HERE
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| thanun vongsuravanich / Shutterstock.com |
Stick to the basics as AI scams become more sophisticated than ever.
Scammers are utilizing artificial intelligence to establish fake relationships, create convincing replica websites, and automate intricate fraud schemes that once required entire teams.
According to blockchain analytics firm Chainalysis, crypto scam revenue reached at least $9.9 billion in 2024. The total could rise to $12.4 billion once all data for the year becomes available.
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AI is powering a new wave of scams
Chainalysis reports that so-called “pig butchering” scams were a major contributor to the surge in crypto fraud. These scams involve building trust with victims over time, then manipulating them into fraudulent investment schemes. Revenue from pig butchering scams rose nearly 40 percent in 2024 compared to the previous year, according to the firm’s February 2025 report.
The report highlights the growing use of generative AI in these schemes. According to Chainalysis, AI tools allow scammers to automate convincing conversations, build fake websites more efficiently, and target victims with greater sophistication. The firm noted that generative AI could exponentially increase the reach and speed of crypto scams. --->READ MORE HERE
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