Chainalysis Reports Surge in Crypto Scams Driven by Impersonation and AI-Enabled Fraud
Chainalysis reported that cryptocurrency scams and fraud generated an estimated $17B in victim losses in 2025, making it the largest year on record in its tracking, with at least $14B observed on-chain and expectations that totals will rise as additional illicit addresses are identified. The report attributes the increase to the continued industrialization of scam operations and infrastructure, including phishing-as-a-service, AI-generated deepfakes, and professional money-laundering networks, alongside major scam categories such as pig butchering/romance scams and HYIP-style schemes. Chainalysis also assessed that scam efficiency increased materially, citing a 253% YoY rise in average scam payment (from $782 in 2024 to $2,764 in 2025) and noting that AI-enabled scams can be significantly more profitable than traditional approaches.
A key driver highlighted was the rapid growth of impersonation scams, which Chainalysis said rose roughly 1,400% YoY, with average payments to those clusters up more than 600%. One example cited was an E‑ZPass-themed smishing campaign that used fake toll-payment texts and lookalike sites to deceive victims; Chainalysis linked this activity to the Chinese-speaking group “Darcula” / “Smishing Triad,” and referenced reporting and legal action describing tooling and templates used to scale these lures. Separately, reporting on AI deepfake impersonation shows similar social-engineering dynamics outside of “crypto-only” contexts, including deepfakes impersonating religious figures to solicit donations and promote fraudulent crypto-related offers, reinforcing the report’s broader finding that AI-assisted impersonation is increasing the reach and credibility of scams.
Timeline
Jan 13, 2026
Chainalysis publishes 2026 crypto scam findings
On January 13, 2026, Chainalysis published its 2026 Crypto Crime Report section on scams, detailing 2025's estimated losses, the rise of impersonation fraud, AI-enabled scam operations, laundering trends, and links to Southeast Asian scam compounds. The report also highlighted cases including E-ZPass smishing and a Coinbase impersonation scheme.
Dec 31, 2025
Law enforcement targets Southeast Asia-linked scam infrastructure in 2025
The sources describe major 2025 enforcement actions against scam ecosystems tied to East and Southeast Asia, including U.S. actions against the Prince Group and related infrastructure, as well as sanctions and asset seizures. They also note a reported U.S. Department of Justice seizure of $15 billion in Bitcoin tied to a Cambodian pig-butchering operation using forced labor.
Dec 31, 2025
Impersonation scams and AI-enabled fraud expand in 2025
During 2025, impersonation scams grew about 1,400% year over year and the average scam transfer rose 253% to $2,764, according to Chainalysis. The report also found AI-enabled scams, including deepfakes, phishing, and AI-assisted pig-butchering, extracted significantly more per operation than non-AI-linked scams.
Dec 31, 2025
Crypto scam revenue surges across 2025
Chainalysis estimated that cryptocurrency scam losses in 2025 reached roughly $17 billion, with at least $14 billion already observed on-chain. The report said the total may rise further as more illicit addresses are identified over time.
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