In 2024, crypto scams surged, costing investors $4.6 billion, according to Bitget’s Anti-Scam Report with SlowMist and Elliptic. A major rise in AI-powered social engineering attacks, including deepfakes and phishing schemes, fueled the losses. Criminals used fake apps, impersonated celebrities like Elon Musk, and deployed advanced bots to exploit users. Bitget CEO Gracy Chen highlighted deception—not volatility—as the biggest threat to the crypto industry. The report urges stronger user education, collaboration across firms, red-teaming simulations, and improved detection tools to counter evolving scams. It warns the threat will grow unless proactive, tech-driven defenses are adopted across the crypto ecosystem.