In 2024, crypto scams leveraging AI deepfakes inflicted an estimated $4.6 billion in losses, marking a significant 24% increase from previous years. These sophisticated frauds often involve convincing AI-generated videos and audio, impersonating public figures like Elon Musk or even company executives to trick victims into investing in fake schemes or transferring funds. The ease of access to deepfake technology has lowered the barrier for criminals, leading to a surge in convincing phishing attacks, "wallet drainer" malware, and investment scams. The financial sector, particularly crypto and fintech, has been heavily targeted, with many businesses reporting substantial losses.