Market
Deepfake Crypto Scams Cause $79.1 Billion Loss in 2 Years

Bitget Research’s recent report highlighted a dramatic rise in scams featuring deepfake technology. According to their data, malicious technology use jumped 245% in 2024 alone.
These scams, usually leveraging fake celebrity endorsements, have become increasingly sophisticated, targeting unsuspecting investors and causing significant financial damage.
Deepfake Scams Caused $79.1 Billion Loss
Deepfake technology, which manipulates photos and videos to create hyper-realistic fake content, has been weaponized to promote fraudulent schemes. According to the report, users have lost $79.1 billion to cyberattacks involving deepfakes since the beginning of 2022.
The losses are increasing each year, with a significant surge in 2024, where the amount more than doubled, rising by 245%. Bitget estimates that potential damage from deepfake scams could reach $10 billion per quarter by 2025.
“Deepfakes are moving into the crypto sector in force and there is little we can do to stop them without proper education and awareness. The vigilance of the users and their ability to discern scams and fraud from real offerings is still the most effective line of defence against such crimes, until a comprehensive legal and cybersecurity framework is in place on a global scale,” said Gracy Chen, the CEO at Bitget, commenting on the figures outlined in the report.
Read more: Crypto Social Media Scams: How to Stay Safe
Experts have identified several key methods of using deepfakes in the crypto industry. These include:
- Social Engineering. Fraudsters impersonate famous people or employees of large companies to trick users into transferring cryptocurrency to them.
- Bots. Deepfakes create fake accounts on social media and other platforms, which then spread misinformation and advertise fraudulent crypto projects.
- Market Manipulation. Scammers use deepfakes to spread false news and rumors that can influence market prices.
- Investment Fraud. Attackers create videos and presentations with deepfakes to attract funds to fraudulent projects.
Among these methods, social engineering and bot fraud accounted for 14.21% of all deepfake crimes in the first quarter of 2024. Analysts estimate the losses from these methods at $2.03 billion. If authorities do not take effective measures, the number of incidents involving malicious technology in the crypto industry could increase by 70% by early 2026.
An Ongoing Trend
The rise in deepfake technology has coincided with the growing popularity of celebrity tokens. Over the past couple of months, dozens of new meme coins have been launched, featuring both real celebrities and impersonators behind them.
Tokens such as JENNER, ZUMI, RICH, DOLL, and others have sparked intense debate within the crypto community, raising concerns about market manipulation, fraud, and the ethical implications of leveraging celebrity influence in cryptocurrency promotions.
Well-known entrepreneurs are frequent targets of scammers. On June 23, a five-hour YouTube Live broadcast featuring a deepfake of Elon Musk promoted a cryptocurrency scam, continuing the trend of similar fraudulent streams.
The now-removed video claimed to show a live Tesla event, using an AI-generated version of Musk’s voice to lure viewers to a website. The fake Musk urged viewers to deposit Bitcoin (BTC), Ethereum (ETH), or Dogecoin (DOGE) for a supposed giveaway, promising to “automatically send back double the amount.”
The stream attracted over 30,000 viewers at its peak, though bot inflation cannot be ruled out. It topped YouTube’s Live Now recommendations. The channel, @elon.teslastream, had the Official Artist Channel verification badge, suggesting a possible account compromise.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Cryptocurrency users should be extremely vigilant and not trust everything they see online, especially on social media platforms like X, Instagram, and others, which are the primary channels for spreading deepfakes. Experts urge everyone to verify information and use only reliable sources carefully. Additionally, using two-factor authentication (2FA) is crucial, especially for accounts related to crypto.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Top Crypto Airdrops to Watch in the First Week of April

As traders and investors anticipate the beginning of April and the onset of the second quarter (Q2) of 2025, crypto airdrops present an opportunity to join promising communities while they are still on the ground floor.
This week, three notable crypto airdrops stand out as worth watching.
Walrus
Walrus (WAL), a decentralized storage protocol on the Sui blockchain, launched its mainnet and token generation event (TGE) on March 27. The event coincided with South Korea’s Upbit exchange listing WAL.
The TGE saw Walrus distribute 4% of its 5 billion token supply via an airdrop. Eligible participants, including early Sui ecosystem users and testnet contributors, received Soulbound NFTs redeemable for WAL tokens. As April commences, 6% of Walrus tokens are reserved for future community rewards.
“At the moment 4% of the 10% tokens allocated for the airdrop have been distributed, so Walrus still has tokens to reward users,” Cryptorank.io noted.
WAL powers storage payments, staking, and governance, with listings on exchanges like Crypto.com and MEXC offering prize pools. The project’s airdrop comes after raising $140 million from Andreessen Horowitz, Standard Crypto, Electric Capital, and Comma3 Ventures, among others.
Meanwhile, Walrus’s market cap exceeds $573 million, reflecting strong adoption potential. Data on CoinGecko shows it was trading for $0.45 as of this writing.

Staking opportunities with validators like Mysten Labs or Nansen enhance rewards, but high commissions (up to 60%) apply. One of Walrus and Sui’s founders recently announced that users could stake WAL tokens to get airdrops. As this could mean airdrops from Walrus and projects from the Sui ecosystem, engaging with Sui dApps and testnets remains key for future allocations.
Nansen
The project has raised up to $88.2 million from investors such as Andreessen Horowitz, Coinbase Ventures, Accel, and Mechanism Capital, among others. Coupled with the fundraiser, Nansen has a valuation of $750 million.
Nansen, a leading blockchain analytics platform, confirmed an airdrop, drawing excitement due to its prominence and past reward patterns. The project launched a staking program and announced a point system in 2025.
“We’re excited to announce that we have acquired Stakewithus (SWU)! SWU is a non-custodial staking service provider with $80m+ staked by 30k+ users & supports 20+ chains You can now analyze data, monitor your portfolio, and stake assets in one place with Nansen,” read the announcement.
Users can stake assets (STRK and TRX), and points are expected to be credited retrospectively. Nansen also mentions the NSG token, so participants will most likely receive an airdrop for points.
Market participants should monitor Nansen’s social channels and partnerships for updates, as airdrops typically reward active users or data contributors.
With no token launched yet, any potential airdrop might tie into a future native token, likely incentivizing early adopters or premium subscribers. Given Nansen’s influence in the crypto space, tracking wallet activity and on-chain data, its airdrop could attract significant attention.
Participants should engage with its tools and stake in supported ecosystems to position themselves for unannounced opportunities.
OG Labs
This modular AI chain combines Layer-1 blockchain with decentralized AI, focusing on scalable Data Availability for AI applications.
The status of OG Labs airdrop stands confirmed, bringing forth an emerging player in the crypto space. This makes it a speculative target for market participants. It boasts up to $325 million in funds raised from investors such as Delphi Ventures, Hack VC, Animoca Brands, and OKX Ventures, among others.
The airdrop is potentially tied to Web3 innovation or NFT ecosystems (given the “OG” moniker). It follows models like Walrus, rewarding early testers or community members.
“There are new activities on the OG test network – we can request test tokens and make swaps,” Cryptorank.io noted.
The OG Labs airdrop requires no investment. Users can engage through OG Labs’ Newton Testnet, which tests-core functionalities like decentralized storage, consensus, and data availability services. Participants must complete at least 20 transactions, stay active for three days, and interact with features like swaps, storage scans, and NFT minting.
“Interact with the OG Labs Testnet and Become Eligible for the Airdrop,” crypto researcher Guatamgg stated.
Additionally, users can boost eligibility by taking Discord roles such as OGurus or OG Role. These activities involve community contributions and verification steps. This airdrop targets active ecosystem participants, aligning with OG Labs’ emphasis on community-driven development.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Strategic Move for Trump Family in Crypto

Energy infrastructure platform Hut 8 Corp has partnered with US President Donald Trump’s sons, Eric Trump and Donald Trump Jr., to launch American Bitcoin Corp.
The company is dedicated to industrial-scale Bitcoin mining and developing a strategic reserve.
All You Need to Know about American Bitcoin
American Bitcoin’s leadership team includes Mike Ho as executive chair, Matt Prusak as CEO, and Eric Trump as CSO. The Board of Directors comprises Mike Ho, Asher Genoot (also Hut 8 CEO), Justin Mateen, and Michael Broukhim.
According to the announcement, Hut 8 holds an 80% ownership stake in American Bitcoin. This follows the contribution of its ASIC miners to American Data Centers Inc., a company formed by investors including the Trump brothers.
Subsequently, they renamed and relaunched the entity as American Bitcoin. As a new subsidiary focused on industrial-scale Bitcoin mining, this move aims for an efficiency of 50+ EH/s (exahashes per second). Meanwhile, Hut 8 remains the key infrastructure partner, consolidating financials under its brand.
Eric Trump, co-founder and chief strategy officer of American Bitcoin, expressed enthusiasm about the collaboration. He also emphasized the synergy between Hut 8’s operational excellence and shared passion for decentralized finance (DeFi) as a foundation for significant future growth.
“…By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” an excerpt in the announcement read, citing Eric Trump.
Donald Trump Jr. highlighted their longstanding commitment to Bitcoin, noting their conviction in Bitcoin personally and through their businesses. He reiterated the opportunity presented by mining Bitcoin under favorable economics and the potential for investors to participate in Bitcoin’s growth through this new platform.
Similarly, Genoot described the launch of American Bitcoin as a pivotal evolution in their platform strategy. By establishing a standalone entity for mining operations, Hut 8 aims to align each business segment with its respective cost of capital. Specifically, they would create two focused yet complementary companies.
Meanwhile, this venture is part of the Trump family’s broader engagement in the crypto industry. World Liberty Financial, the crypto venture linked to the Trump family, recently launched USD1. US treasuries, dollars, and cash equivalents back the stablecoin. The venture aims to facilitate secure cross-border transactions for investors and institutions.
Furthermore, reports indicate that the Trump family is discussing acquiring a stake in Binance.US. This is the American arm of the world’s largest cryptocurrency exchange, Binance. Given the family’s growing involvement in the sector, such an investment could significantly influence the crypto market.
These initiatives reflect the Trump family’s commitment to positioning the US at the forefront of the crypto industry. It also aligns with President Donald Trump’s ambition to establish the US as a global leader in digital assets.
“While people are worrying about the daily price action, President Trump and Eric Trump are building the infrastructure to take crypto to the next level,” crypto investor Gordon noted.

BeInCrypto data shows BTC was trading for $82,199 as of this writing. It is down by over 1.13% in the last 24 hours, unmoved by news of American Bitcoin. However, this could change once US markets open.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Don’t Fall for These Common Crypto Scams

ZachXBT, a well-known blockchain investigator, recently shared two key “minimum checks” on Telegram to avoid crypto scams.
He emphasized that users must accept full financial responsibility if they take risks in these situations and added that recovering lost funds would be extremely difficult.
Evaluating a Project’s Credibility is Crucial
ZachXBT highlighted two critical scenarios: depositing funds into forked DeFi protocols on newly launched EVM chains and getting scammed by projects with few smart followers on Kaito.
“If you make either of these decisions, it is your own personal choice to risk funds, and I will NOT help you,” ZachXBT stressed.
Many newly launched DeFi protocols on EVM chains are replicas of existing ones. Their teams often do not create original code but instead, fork from established protocols. This process requires minimal technical skills yet introduces significant security risks.
A recent incident highlighted the risks in the DeFi space. The DeFi protocol SIR.trading was reportedly hacked, leading to an estimated loss of $350,000. Despite the project’s documentation promoting it as a “new DeFi protocol for safer leveraged trading,” it acknowledged the risks related to smart contract vulnerabilities.
This case illustrates how new DeFi protocols often become targets for hackers. Additionally, in late March, the DeFi lending protocol Abracadabra suffered a loss of approximately $13 million due to an exploit involving collateralized tokens.
The second situation ZachXBT warned about involves getting “rugged” (falling victim to a rug pull) by projects with few smart followers on Kaito. Kaito is an AI-powered analysis tool that measures real community interest. He advised that checking followers’ numbers and quality is a basic step to avoid falling for projects that use fake engagement or empty marketing hype.
Investor Xero agreed with ZachXBT, stating that Kaito can be a credibility assessment tool.
“Kaito has become an amazing security and reputation tool that I value over others. It can help you identify an impersonator or a new rug project fast. If a 40k+ follower project isn’t connecting with real smart followers, it’s not legit,” Investor Xero commented.
Other Emerging Crypto Scams
In addition to ZachXBT’s warnings, several new scam tactics have recently been flagged.
Investor Jerome warned about a scheme that exploits browsers’ automatic download function to trick users into downloading malicious software.
Another method involves scammers creating and sending small transactions. They would be often as little as 0.001 tokens—using fake wallet addresses that closely resemble legitimate ones. Their goal is to deceive users into copying and pasting the fraudulent address when making future transactions.
Additionally, Microsoft has identified StilachiRAT, a new remote access trojan specifically designed to target cryptocurrency wallets and login credentials.
According to a Chainalysis report, from 2021 to 2024, decentralized finance (DeFi) platforms have been the primary targets of crypto hacks.

The report explains that DeFi platforms may be more vulnerable because developers prioritize rapid growth and launch over security measures. This lack of security focus makes them prime targets for hackers.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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