Cryptocurrency scams and fraudulent activities may have led to over $17 billion in losses during 2025, according to estimates from blockchain data firm Chainalysis. The company described 2025 as the worst year on record for crypto crime, with a significant increase in hacks and scams affecting the industry.
Chainalysis reported that cryptocurrency scams received at least $14 billion on-chain this year. This marks a sharp rise from the $9.9 billion initially reported for 2024, which was later revised to $12 billion. The revision aligned closely with Chainalysis's prior projection of $12.4 billion for that year.
"Based on historical trends, in which our annual estimates grow by an average of 24% between reporting periods, we project that the 2025 figure could exceed $17 billion as we identify more illicit wallet addresses in the coming months," the report stated.
The average value of scam payments climbed from $782 in 2024 to $2,764 in 2025, representing a year-over-year jump of approximately 253%.
Impersonation scams were flagged as a particularly concerning trend, with a year-over-year growth of nearly 1,400%. "Impersonation tactics that saw a staggering 1400% year-over-year (YoY) growth...with the average severity (i.e., amount) of payments made to these clusters increasing by over 600%," Chainalysis stated.
These schemes involve fraudsters posing as trusted individuals, companies, or platforms to trick victims into sending cryptocurrency or revealing sensitive wallet information. One example highlighted was the "E-ZPass" phishing campaign, where attackers targeted Americans through SMS messages impersonating government toll services. Another case involved scammers posing as Coinbase customer support, stealing nearly $16 million from victims.
High-yield investment programs (HYIP) and "pig butchering" schemes remain the dominant scam categories by volume. However, scammers are now leveraging AI tools, sophisticated SMS phishing services, and complex money-laundering networks to target victims more effectively.
"Traditional scam categorizations are becoming less distinct as fraudsters incorporate multiple tactics into their operations. For example, many pig butchering and investment scams incorporate elements of impersonation, social engineering, and even technical- or wallet-focused scams," the team mentioned.
Chainalysis also examined the growing role of artificial intelligence in scam operations. Scam clusters with on-chain links to AI service providers demonstrated significantly higher operational efficiency than those without such connections.
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 showed 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.
"These metrics suggest both higher operational efficiency and potentially broader victim reach. The increased transaction volume indicates that AI is enabling scammers to reach and manage more victims simultaneously, a trend consistent with the industrialization of fraud we've been tracking. In contrast, the increased scam volume suggests that AI is likewise making scams more persuasive," Chainalysis remarked.
The firm warned that these trends point to a future in which nearly all scam operations are likely to incorporate AI in some form.