Cryptocurrency fraud is evolving rapidly. While traditional phishing emails are becoming increasingly ineffective, perpetrators are relying more and more on artificial intelligence and deepfake technology. Deceptively realistic videos, voices, and live calls are used to build trust and persuade victims to make financial transactions. This form of crypto fraud represents a new level of escalation in digital economic crime.
Deepfakes as a new tool in investment fraud
Deepfakes are AI-generated content that realistically imitates real people. Voices, facial expressions, and even live reactions can be replicated almost flawlessly. This technology is increasingly being used for fraudulent investment offers. Victims see supposedly well-known personalities, company representatives, or government authorities promoting allegedly safe crypto investments or warning of urgent security issues.
The combination of visual and auditory deception is particularly dangerous. What was once recognizable as an obvious attempt at fraud now appears credible and professional.
Massive damage caused by AI-powered crypto fraud
International reports illustrate the scale of this trend. In 2024 alone, known losses from cryptocurrency fraud worldwide amounted to several billion US dollars. A significant portion of this is attributable to fraud schemes employing deepfakes. Law enforcement agencies report uncovering dozens of fraud networks, particularly in Asia, that specifically utilize AI-based deception.
Western countries are also reporting a sharp increase in the number of cases. The use of AI leads to a higher success rate per fraud case, as victims are manipulated more intensively and kept engaged for longer.
Deceptively genuine authority and targeted manipulation
A key feature of modern deepfake scams is the deliberate simulation of authority. Perpetrators impersonate well-known businesspeople, stockbrokers, or government investigators. In some cases, they even use video calls lasting several days to put victims under psychological pressure. This form of so-called digital hostage-taking combines technological deception with social coercion.
Through falsified backgrounds, official-looking documents, and persuasive language, a situation is created in which even skeptical people make decisions they would not make under normal circumstances.
Deepfake support calls and remote access
One particularly widespread scam involves deepfake calls from supposed support staff of cryptocurrency exchanges. The AI-generated voices sound authentic and use technical jargon. Victims are warned of alleged security incidents and urged to take immediate action.
Later, the perpetrators often request remote access to computers or smartphones. Under the guise of a technical review, they gain direct access to wallets, banking apps, and security codes. Significant assets can be stolen within minutes.
Target group: older users and high number of unreported cases
Statistics show that older users in particular are increasingly affected. Many are less familiar with AI voice clones or fake video calls and rely on seemingly official instructions. The number of unreported cases is high, as victims are often ashamed or only recognize the fraud late.
The actual damage is therefore likely to be significantly higher than the known figures.
Legal classification of deepfake crypto fraud
From a legal perspective, these situations regularly constitute investment fraud, sometimes combined with identity theft, computer fraud, and organized crime. The technical complexity complicates investigations but does not preclude legal action. Payment flows, communication histories, and technical access data can provide starting points for investigation.
Why traditional caution is no longer enough
These developments clearly show that visual or auditory verification alone no longer provides sufficient protection. Deepfake technology bypasses traditional warning signals. The fraud no longer relies on mass fraud, but on targeted, intensive manipulation of individuals, resulting in significant financial losses.
Classification and legal support
The increasing professionalization of AI-powered crypto fraud requires an equally professional legal response. RU Law specializes in the legal handling of crypto fraud and assists victims in assessing the facts and enforcing their claims.
