Bitget’s latest report reveals that deepfake-related crypto fraud has resulted in losses exceeding $79.1 billion since 2022, with a 245% increase in 2024 alone. The surge in artificial intelligence (AI) popularity has drastically transformed the landscape, with deepfakes emerging as a new threat.
According to Bitget Research, the number of malicious deepfake cases soared by 245% globally in 2024 compared to the previous year. Despite various international efforts, quarterly losses from deepfake use could reach around $10 billion by 2025, with 2024 likely ending with $25.13 billion in such crimes.
Bitget CEO Gracy Chen noted that deepfakes are rapidly infiltrating the crypto sector. She emphasized that user vigilance and the ability to discern scams remain the most effective defense until a comprehensive global legal and cybersecurity framework is established.
Social engineering and bot fraud accounted for 14.21% of deepfake crimes in Q1 2024, resulting in $2.03 billion in losses. The report projects a 70% surge in crypto deepfake crimes by early 2026, highlighting the urgent need for regulatory intervention.
Strategically, addressing deepfake fraud is crucial for safeguarding the cryptocurrency sector and the broader financial industry.
