Crypto Crime Involving Deepfakes Anticipated to Reach Over $25 Billion in 2024

Crypto Crime Using Deepfakes Predicted to Top $25 Billion in Losses in 2024

Crypto Crime– Crypto crimes involving deepfakes are expected to exceed $25 billion this year, according to a study by the crypto derivatives exchange and copy trading platform Bitget.

The study noted that deepfakes generated by artificial intelligence are increasingly being used by criminals. Losses in the first quarter alone reached $6.28 billion, almost half of the total $13.8 billion lost in the entire year of 2022.

Criminals often use deepfake technologies to impersonate influential figures, gaining the trust of crypto users. This creates an illusion of credibility and significant project capitalisation, luring investments from victims who don’t conduct thorough due diligence.

Deepfakes are becoming a major force in the crypto sector, and there’s little we can do to stop them without proper education and awareness, said Bitget CEO Gracy Chen. User vigilance and the ability to distinguish scams from legitimate offerings remain the most effective defenses against such crimes, until a comprehensive legal and cybersecurity framework is established globally.

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