Impersonation Scams Surge 1,400% as Crypto Fraud Evolves

According to Chainalysis’s estimates, crypto-related scams and fraudulent activity may have caused over $17 billion in losses in 2025

The blockchain data firm also highlighted a concerning trend, as scammers are increasingly turning to impersonation schemes to deceive unsuspecting users. According to the report, impersonation scams rose by nearly 1,400% year over year.

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Crypto Crime Hits New Highs in 2025, Losses May Top $17 Billion 

2025 has gone down as the worst year on record for crypto crime, with a surge in hacks and scams weighing heavily on the industry. In its latest report, Chainalysis said cryptocurrency scams received at least $14 billion on-chain during the year.

The firm noted that this marked a sharp increase from the $9.9 billion initially reported for 2024. However, the report revealed that this figure rose to $12 billion at the time of recalculation. 

That revision closely matched Chainalysis’s prior projection of $12.4 billion for the year. Thus, Chainalysis suggested that the final toll for 2025 is likely to climb further.

Chainalysis also reported a sharp rise in the average value of scam payments, which climbed from $782 in 2024 to $2,764 in 2025. The increase represents a year-over-year jump of approximately 253%.

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Chainalysis Highlights Alarming Growth in Impersonation-Based Crypto Scams 

Notably, the report flagged impersonation scams as a “particularly concerning trend,” noting that they have surged sharply in both volume and impact. These schemes typically involve fraudsters posing as trusted individuals, companies, or platforms to trick victims into sending cryptocurrency or revealing sensitive wallet information.

One example highlighted in the report was the “E-ZPass” phishing campaign. Attackers targeted Americans through SMS messages impersonating government toll services. 

Another case involved exchange impersonation. Scammers posed as Coinbase customer support and stole nearly $16 million from victims.

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Chainalysis pointed out that high-yield investment programs (HYIP) and “pig butchering” schemes remain the dominant scam categories by volume. Nevertheless, scammers are now leveraging AI tools, sophisticated SMS phishing services, and complex money-laundering networks to target victims more effectively than ever before.

How Is AI Boosting the Efficiency and Scale of Crypto Scams?

Meanwhile, Chainalysis also examined the growing role of artificial intelligence in scam operations. According to the firm’s analysis, scam clusters with on-chain links to AI service providers demonstrate significantly higher operational efficiency than those without such connections.

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On average, AI-linked scam operations generated approximately $3.2 million per operation, compared with about $719,000 for scams without such links.

These operations also demonstrated stronger day-to-day performance, with a median daily intake of $4,838, compared to $518 for other scams, and processed far more transactions per day on average.

Chainalysis warned that these trends point to a future in which nearly all scam operations are likely to incorporate AI in some form.