A recent report highlights that the cryptocurrency industry is the second most targeted sector for identity fraud in 2024, making up 29% of global attempts, only behind the payments sector. Scammers have increasingly used deepfake technology and impersonation bots to exploit crypto platforms, leading to significant financial losses. Notably, decentralized finance (DeFi) platforms remain particularly vulnerable to phishing and hacking, with global crypto fraud surpassing $572 million in losses in Q2 2024 alone.