Crypto crooks are getting bolder — and now, they sound just like your mother.
Global crypto scams soared 456% between May 2024 and April 2025 — changing into more and more reliant on AI-generated voices, deepfake videos and phony credentials to fleece unsuspecting victims, blockchain intelligence firm TRM Labs‘ Ari Redbord informed The Post after testifying before Congress last Tuesday.
“These scams are highly effective, as the technology feels incredibly real and familiar to the victim,” Redbord said.
TRM Labs’ Ari Redbord, who testified before Congress last week, says scammers are now utilizing AI-generated voices and deepfake credentials to mimic family members and steal crypto. Igor Faun – stock.adobe.com
“We’ve seen cases where scammers use AI to replicate the voice of a loved one, tricking the victim into transferring money under the guise of an urgent request.”
And the risk is exploding — particularly in high-density cities like New York, Miami and Los Angeles, he added.
In June, New York officers froze $300,000 in stolen cryptocurrency and seized more than 100 rip-off web sites linked to a Vietnam-based ring that focused Russian-speaking Brooklynites with faux Facebook investment advertisements.
Meta shut down over 700 Facebook accounts tied to the rip-off.
Investigators say the group used deepfake BitLicense certificates and moved victims onto encrypted apps like Telegram before draining their wallets.
Even crypto execs aren’t secure — MoonPay’s CEO and CFO were conned into wiring $250,000 to a scammer pretending to be a Trump inauguration insider. Igor Faun – stock.adobe.com
Some New Yorkers lost a whole bunch of 1000’s of {dollars} — and it’s not just on a regular basis joes getting focused.
Even crypto insiders are falling for it. Florida-based crypto firm MoonPay saw its CEO Ivan Soto-Wright and CFO Mouna Ammari Siala duped into wiring $250,000 in crypto to a scammer posing as Trump inauguration co-chair Steve Witkoff, according to a latest Department of Justice criticism.
And that’s just the tip of the iceberg.
Globally, fraudsters swiped more than $10.7 billion in 2024 through crypto cons — including romance scams, faux trading platforms and “pig-butchering,” where scammers construct faux relationships before draining victims’ accounts, Redbord said.
In the US, Americans filed almost 150,000 crypto-related fraud complaints in 2024, with losses topping $3.9 billion, according to the FBI. But the actual quantity is possible much increased.
A Vietnam-based ring focused Brooklyn’s Russian-speaking neighborhood with faux BitLicenses and phony Facebook accounts before vanishing with a whole bunch of 1000’s. Igor Faun – stock.adobe.com
“Only around 15% of victims actually report these crimes,” Redbord said, citing disgrace, concern and mistrust in law enforcement — significantly among older adults and immigrant communities.
One of these scammers go-to instruments? Crypto ATMs — particularly those tucked inside New York delis and comfort shops.
Illicit use at these kiosks is more than twice as high as in the broader crypto market, Redbord said. Victims are typically directed to scan a QR code and deposit money, immediately changing it to crypto before the funds disappear.
As the scams rage on, Washington is beginning to convey order to the Wild West of crypto.
Officials say the actual quantity of crypto rip-off victims is far increased than reported, as disgrace and concern keep many from coming ahead. Igor Faun – stock.adobe.com
House lawmakers wrapped up “Crypto Week” last Thursday by passing the first-ever complete cryptocurrency laws — a trio of payments centered on regulating stablecoins, trading platforms and digital asset infrastructure.
Even so, Redbord suggested, common sense is the best protection.
“If something feels too good to be true — especially unsolicited investment advice — it almost always is,” he said.
“Verify the platform. Confirm identities. And when in doubt, report it — whether to IC3, Chainabuse or your local authorities.”