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On-chain analytics platform Chainalysis has warned that cryptocurrency scams could surge over the coming year with the support of artificial intelligence.

According to a February 13 report from Chainalysis, scammers are using generative AI to create realistic fake personas, manipulate victims with deepfake technology, and automate large-scale fraud campaigns.

These technologies have led to a noticeable uptick in crypto scam revenue especially when it comes to pig butchering scams.

These scams involve bad actors approaching victims, mostly on social media platforms, faking friendships or romantic relationships, and slowly gaining their trust before introducing them to dubious investment opportunities.

In 2024, pig butchering crypto scams raked in 40% more revenue year-over-year, while the number of deposits skyrocketed by 210%.

On the other hand, the average deposits sent to scammers dropped by 55%.

Chainalysis estimates the scammers are now targeting a much larger pool of victims and opting for quick-hit scams over long cons.

With the use of AI such scams have become more “scalable and affordable for bad actors to conduct.”

Chainalysis’ head of fraud products, Elad Fouks, says GenAI is amplifying scams by making them “high-fidelity, low-cost, and highly scalable,” allowing fraudsters to “exploit human vulnerabilities” more effectively. 

He warned that using AI allows scammers to “impersonate real users and bypass identity verification controls,” making their schemes harder to detect.

Roughly 85% of scams now involve fully verified accounts, according to Alterya, a fraud detection firm acquired by Chainalysis. 

More and more scammers are using GenAI to create “realistic fake content, including websites and listings, to power investment scams, purchase scams, and more” Fouks warned.

With this technology scammers can execute authorized push payment fraud where victims unknowingly approve transactions under pretenses, believing they are sending money to legitimate businesses, investment platforms, or even friends and family.

Chainalaysis also warned that platforms like Huione Guarantee, a Cambodian marketplace that offers various illicit services, are making GenAI technology accessible to bad actors.

Notably, services like AI face changing are available for as low as $200, the report noted.

In between 2021 and 2024, Huione Guarantee processed at least $375.9 million in scam-related transactions, while AI service vendors witnessed a 1,900% spike in revenue.

Revenue growth of fraudulent Huione vendors. Source: Chainalysis

“Platforms like Huione Guarantee enable the sophistication and professionalization of the scam ecosystem, and highlight the persistent and adaptive nature of these illicit activities,” Chainalysis added.

The report continued that over $12 billion was lost to crypto scams in 2024, however, the analytics platform expects this to spike over the coming year.

Taking into consideration an average annual increase of 24% in scam revenue between reporting periods, Chainalysis predicts that total scam losses could surpass $15 billion in 2025.

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