Latest: ‘concerning Trend’: Impersonation Scams Swell 1,400% In 2025

Crypto security experts said a good way to counter scams that rely on deceiving victims is to be skeptical of every unsolicited message and interaction.

Scammers and fraudsters increasingly used impersonation scams to steal crypto from unsuspecting users last year, with reported impersonation scam incidents rising by roughly 1,400% year over year in 2025, compared with 2024, according to Chainalysis

Impersonation scams involve fraudsters posing as a trusted person or organization in an effort to trick victims into handing over crypto, passwords, account access and other sensitive information.

In its 2026 Crypto Scams Report, released on Tuesday, Chainalysis said fraudsters have been incorporating multiple tactics into their operations.

“For example, many pig butchering and investment scams incorporate elements of impersonation, social engineering, and even technical- or wallet-focused scams,” they said.

The average amount stolen through impersonation scams also increased by over 600%, which Chainalysis called a “concerning trend.”

One of the more prominent examples of impersonation scams in 2025 involved scammers masquerading as crypto exchange Coinbase to steal nearly $16 million from victims.

The Brooklyn District Attorney’s office indicted a man in December, alleging he was behind the fraud. The accused has pleaded not guilty to multiple charges, including grand larceny, money laundering and scheme to defraud. A trial date is yet to be set.

Artificial intelligence has made scams more effective and is part of the “industrialization of fraud,” said Chainalysis, with scammers using complex tools from dedicated vendors to dupe more victims.

Chainalysis found that scams using AI were 4.5 times more profitable, while operations were more efficient with higher daily revenue and increased transaction volume.

Source: CoinTelegraph