AI deepfakes were responsible for 40% of high-value crypto fraud in 2024, according to Chainalysis. Scammers increasingly used generative AI tools to create realistic fake identities, voices, and videos, enabling large-scale "pig butchering" scams—where fraudsters build trust over time before stealing funds. These scams were responsible for over half of the $9.9–$12.4 billion in total crypto scam revenue last year. Deepfakes also helped scammers impersonate company executives, celebrities, and romantic partners. As the technology improves, experts warn these AI-powered frauds will become more convincing and dangerous, pushing global crypto scam losses beyond $40 billion in the near future.