Crypto crooks are getting bolder — and now, they sound similar to your mom.
Global crypto scams soared 456% between May 2024 and April 2025 — becoming increasingly reliant on AI-generated voices, deepfake videos and phony credentials to fleece unsuspecting victims, blockchain intelligence firm TRM Labs‘ Ari Redbord told The Post after testifying before Congress last Tuesday.
“These scams are highly effective, because the technology feels incredibly real and familiar to the victim,” Redbord said.
“We’ve seen cases where scammers use AI to duplicate the voice of a loved one, tricking the victim into transferring money under the guise of an urgent request.”
And the threat is exploding — especially in high-density cities like Latest York, Miami and Los Angeles, he added.
In June, Latest York officials froze $300,000 in stolen cryptocurrency and seized greater than 100 scam web sites linked to a Vietnam-based ring that targeted Russian-speaking Brooklynites with fake Facebook investment ads.
Meta shut down over 700 Facebook accounts tied to the scam.
Investigators say the group used deepfake BitLicense certificates and moved victims onto encrypted apps like Telegram before draining their wallets.
Some Latest Yorkers lost lots of of hundreds of dollars — and it’s not only on a regular basis joes getting targeted.
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, in keeping with a recent Department of Justice criticism.
And that’s just the tip of the iceberg.
Globally, fraudsters swiped greater than $10.7 billion in 2024 through crypto cons — including romance scams, fake trading platforms and “pig-butchering,” where scammers construct fake relationships before draining victims’ accounts, Redbord said.
Within the US, Americans filed nearly 150,000 crypto-related fraud complaints in 2024, with losses topping $3.9 billion, in keeping with the FBI. But the true number is probably going much higher.
“Only around 15% of victims actually report these crimes,” Redbord said, citing shame, fear and distrust in law enforcement — particularly amongst older adults and immigrant communities.
One among these scammers go-to tools? Crypto ATMs — especially those tucked inside Latest York delis and convenience stores.
Illicit use at these kiosks is greater than twice as high as within the broader crypto market, Redbord said. Victims are sometimes directed to scan a QR code and deposit money, immediately converting it to crypto before the funds disappear.
Because the scams rage on, Washington is beginning to bring order to the Wild West of crypto.
House lawmakers wrapped up “Crypto Week” last Thursday by passing the first-ever comprehensive cryptocurrency laws — a trio of bills focused on regulating stablecoins, trading platforms and digital asset infrastructure.
Even so, Redbord advised, common sense is one of the best defense.
“If something feels too good to be true — especially unsolicited investment advice — it almost at all times is,” he said.
“Confirm the platform. Confirm identities. And when unsure, report it — whether to IC3, Chainabuse or your local authorities.”
Crypto crooks are getting bolder — and now, they sound similar to your mom.
Global crypto scams soared 456% between May 2024 and April 2025 — becoming increasingly reliant on AI-generated voices, deepfake videos and phony credentials to fleece unsuspecting victims, blockchain intelligence firm TRM Labs‘ Ari Redbord told The Post after testifying before Congress last Tuesday.
“These scams are highly effective, because the technology feels incredibly real and familiar to the victim,” Redbord said.
“We’ve seen cases where scammers use AI to duplicate the voice of a loved one, tricking the victim into transferring money under the guise of an urgent request.”
And the threat is exploding — especially in high-density cities like Latest York, Miami and Los Angeles, he added.
In June, Latest York officials froze $300,000 in stolen cryptocurrency and seized greater than 100 scam web sites linked to a Vietnam-based ring that targeted Russian-speaking Brooklynites with fake Facebook investment ads.
Meta shut down over 700 Facebook accounts tied to the scam.
Investigators say the group used deepfake BitLicense certificates and moved victims onto encrypted apps like Telegram before draining their wallets.
Some Latest Yorkers lost lots of of hundreds of dollars — and it’s not only on a regular basis joes getting targeted.
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, in keeping with a recent Department of Justice criticism.
And that’s just the tip of the iceberg.
Globally, fraudsters swiped greater than $10.7 billion in 2024 through crypto cons — including romance scams, fake trading platforms and “pig-butchering,” where scammers construct fake relationships before draining victims’ accounts, Redbord said.
Within the US, Americans filed nearly 150,000 crypto-related fraud complaints in 2024, with losses topping $3.9 billion, in keeping with the FBI. But the true number is probably going much higher.
“Only around 15% of victims actually report these crimes,” Redbord said, citing shame, fear and distrust in law enforcement — particularly amongst older adults and immigrant communities.
One among these scammers go-to tools? Crypto ATMs — especially those tucked inside Latest York delis and convenience stores.
Illicit use at these kiosks is greater than twice as high as within the broader crypto market, Redbord said. Victims are sometimes directed to scan a QR code and deposit money, immediately converting it to crypto before the funds disappear.
Because the scams rage on, Washington is beginning to bring order to the Wild West of crypto.
House lawmakers wrapped up “Crypto Week” last Thursday by passing the first-ever comprehensive cryptocurrency laws — a trio of bills focused on regulating stablecoins, trading platforms and digital asset infrastructure.
Even so, Redbord advised, common sense is one of the best defense.
“If something feels too good to be true — especially unsolicited investment advice — it almost at all times is,” he said.
“Confirm the platform. Confirm identities. And when unsure, report it — whether to IC3, Chainabuse or your local authorities.”
