Latest Crypto Scams | Real Cases & Defense Tactics

Bitcoin’s record high of $111,880 on May 22, 2025, has fueled a crypto boom, with its $2.2 trillion market cap dominating 56.7% of the $3.88 trillion crypto market. But this surge has drawn sophisticated fraudsters, costing investors billions. In 2023, crypto fraud led to $5.6 billion in losses, with $1.4 billion reported in early 2024. In 2025, scammers use AI, social media, and fake tokens to exploit the hype. This article highlights real-world cases of the latest crypto scams, their tactics, and practical ways to protect your assets.

Latest Crypto Scams:

Here are five specific scams from 2024-2025, based on reports from the FBI, and DFPI, showing how fraudsters operate –

1. WazirX Hack (July 2024)

• India’s largest crypto exchange, WazirX, lost $230 million in a cyberattack linked to North Korea’s Lazarus Group. Hackers exploited a multi-signature wallet vulnerability, stealing ETH, MATIC, and USDT. Funds were laundered through Tornado Cash, making recovery nearly impossible
• Impact – Over 200,000 users faced losses, and WazirX halted trading, shaking trust in centralized exchanges
• How was the scam executed – By exploiting wallet security gaps to drain funds.

2. Fake $TEA Token Rug Pull (Early 2025)

• Scammers launched a fake $TEA token on Uniswap, mimicking the upcoming Tea Protocol. Promoted heavily on X and Telegram, it drew $500,000 before developers vanished, leaving tokens worthless. The real Tea Protocol issued warnings via their official profile
• Impact –  Investors lost funds, and the real project faced reputational damage.
• How was the scam executed – Hyping fake tokens on social platforms to lure quick investments.

3. Polygon Deepfake Zoom Scam (March 2025)

• What Happened – A scammer used AI-generated deepfake video to impersonate a Polygon executive in a Zoom call, convincing a victim to transfer $100,000 in USDT for a “private token sale.” The victim connected their wallet to a malicious site, losing funds instantly.
• Impact – Highlighted AI’s role in hyper-realistic fraud, with losses unrecoverable.
• How was the scam executed – Using AI deepfakes to impersonate trusted figures.

4. Crypto ATM Blackmail (Ongoing 2025)

• What Happened – Scammers targeted seniors in the U.S., sending emails claiming to have compromising webcam footage. Victims were directed to deposit Bitcoin via crypto ATMs, with one California retiree losing $50,000 in February 2025. The FBI reported $1.6 billion in such losses in 2023, with 2025 cases rising.
• Impact – Vulnerable groups, especially those over 60, faced significant financial harm.
• How was the scam executed – Emotional manipulation through fake blackmail demands.

5. Fake Coinbase Phishing Site (April 2025)

• What Happened – A phishing campaign sent texts mimicking Coinbase, directing users to a fake site (coinbase-login.com) to “verify” accounts. Victims entering private keys lost $1.2 million in BTC and ETH to wallet drainers [‽web:12].
• Impact – Undermined trust in major exchanges, with 87% of DFPI-reported fraud involving fake sites [‽web:12].
• How was the scam executed – Malicious links stealing wallet credentials.

Here’s an extremely brilliant episode from National Geographic which can show you inner workings of how few of these scams are conducted:

Why is there a such an uprise in scams ?

The 2025 crypto rally, driven by Bitcoin ETF inflows ($40 billion since 2024) and pro-crypto U.S. policies like the Strategic Bitcoin Reserve, has attracted fraudsters. Crypto’s decentralized nature makes transactions irreversible, and lax global regulations enable cross-border scams. AI tools, like deepfake generators, and social platforms like Telegram amplify fraud, with 46% of 2023 losses tied to investment scams

How to Protect Yourself

To safeguard your crypto, follow these tips from the FTC and DFPI :

Use Trusted Platforms: Trade on reputable exchanges like Coinbase or Binance. Verify URLs (e.g., “https://coinbase.com”) and use URL scanners to detect fakes.

• Secure Wallets: Store private keys offline in hardware wallets. Enable two-factor authentication (2FA) and never share recovery phrases.
• Research Tokens: Check project whitepapers, team credentials, and X for scam warnings (e.g., search “token name + scam”). Avoid hyped tokens without clear utility.
• Ignore Unsolicited Offers: Block messages promising high returns or demanding crypto payments, especially on WhatsApp or Telegram.
• Report Fraud: Contact the FBI’s Internet Crime Complaint Center (ic3.gov) or local authorities (e.g., UK’s FCA at 0800 111 6768) with evidence like screenshots.

Emerging scams may leverage AI chatbots or fake staking pools. Stronger U.S. regulations, like stablecoin laws, may help, but global enforcement lags. Community vigilance on X and education are key to staying safe. The latest crypto scams in 2025, like the WazirX hack and fake $TEA token, show how fraudsters exploit Bitcoin’s boom. By verifying platforms, securing wallets, and reporting suspicious activity, you can protect your funds. As crypto grows, staying informed keeps you one step ahead of scammers.