Crypto Scams Surge 200% in Q1 2025, Driven by AI and Multi-Stage Deceptions

GoPlus Security has exposed a sophisticated scam network targeting crypto users with promises of effortless USDT earnings. The scam involves a multi-stage deception that begins with trust-building micro-transactions and ends with the silent draining of victims’ wallets. The attackers operate through addresses linked to a campaign that starts with the launch of seemingly legitimate projects. These projects entice users with the promise of “zero-cost, stable USDT rewards” in exchange for completing simple, low-effort tasks. Once initial contact is established, scammers send small tokens and minimal USDT over several days to establish legitimacy. However, the ultimate goal is to convince users to grant token approval permissions, often to externally owned accounts (EOAs). Once approvals are in place, the scammers continue sending rewards for days or weeks while monitoring wallets. When a user’s balance crosses a threshold or revocation activity is detected, high-speed front-running bots swoop in and drain funds in seconds. These trading bots are willing to burn gas at any cost. GoPlus Security cautions against granting unlimited token approvals, especially to EOAs, and urges users to adopt proactive on-chain security tools. The firm also advises users to be wary of projects that claim they can easily earn just by participating, as there is no such thing as free money.

Beyond blockchain, crypto scams are exploiting artificial intelligence at a dangerous scale. Bad actors also weaponize deepfake technology, which creates convincingly fake videos of public figures, to defraud investors. In a warning earlier this year, Binance co-founder Changpeng Zhao revealed AI-generated clips promoting fake investment platforms falsely endorsed by major crypto personalities. A disturbing example recently emerged in Ghana, where Ashesi University denounced a deepfake impersonation of its president, Patrick Awuah Jr. Reportedly, scammers used him to promote a scam called “Crypto Klutz.” They embedded the video in a fake news article mimicking Graphic Online and circulated it alongside doctored X screenshots to manufacture credibility. The university articulated that neither Patrick Awuah nor Ashesi University is associated with this or any similar platform and encouraged the community to report it as fraudulent when encountered. Cybersecurity firm McAfee added urgency to the matter, reporting that the average American now encounters three deepfake videos daily. The company outlined five red flags for spotting AI-enhanced crypto scams, including too-good-to-be-true promises, fake celebrity endorsements, and non-existent exchanges or wallets. Other red flags include urgency tactics to rush decisions and demands for private keys or upfront payments. A report confirmed that deepfake-assisted fraud surpassed $200 million in losses in Q1 2025 alone. This figure highlights how fast scammers scale operations through generative AI and synthetic media. As on-chain scams become more patient and AI deepfakes more persuasive, the crypto community faces a dual-threat environment unlike anything seen before. The trader Crypto frontline remarked that AI-powered scams are changing the crypto game, with deepfakes, voice cloning, and AI-generated phishing raking in millions.

In summary, the crypto community is facing an unprecedented threat from sophisticated scam networks and deepfake technology. Scammers are using multi-stage deceptions and AI-generated content to defraud investors, with losses reaching $200 million in Q1 2025 alone. It is crucial for users to be vigilant and adopt proactive security measures to protect themselves from these evolving threats. GoPlus Security's findings align with recent guidance from on-chain sleuth ZachXBT, who outlined critical checks every user should perform to avoid crypto scams. These range from verifying token contracts and approval histories to using tools that limit permissions or automatically revoke dormant approvals. The crypto community must remain vigilant and proactive in the face of these evolving threats to protect their investments and maintain the integrity of the ecosystem.

Ask Aime: What are the potential risks for investors in the crypto market due to the sophisticated scam network exposed by GoPlus Security?