In 2024, the number of fraudulent videos using images of influential people increased by 245% compared to last year. Bitget Research researchers predict that by the end of the year, cryptocurrency losses due to fraudsters' tricks will reach $25.13 billion, and by 2025, quarterly losses will grow to $ 10 billion. If nothing is done, by the beginning of 2026, the number of crimes related to deepfakes may increase by 70%, crypto exchange experts fear.
Attackers prefer to use social engineering and bots, the authors of the study say. Scammers are actively using new developments in the field of artificial intelligence, behavioral recognition technologies, voice and face replacement, and machine learning algorithms. Using these methods, a criminal can steal personal data and impersonate another person. In the first quarter of 2024, social engineering and bot fraud accounted for 14.21% of deepfake crimes, and losses amount to $2.03 billion.
"Deepfakes are rapidly infiltrating the crypto industry, and we will be able to stop this by raising public awareness. Vigilance is the most effective protection against fraud until there is a comprehensive legal system to combat cybercriminals at the international level," concluded Bitget CEO Gracie Chen.
In June, a client of the OKX cryptocurrency exchange lost $2 million in digital assets. Hackers recreated his face using AI, changed the security settings, and then stripped the victim of all assets.