The losses from voice and identity impersonation schemes skyrocketed by 1400%.
The amount stolen through cryptocurrency scams reached a record $14 billion in 2025. Analysts from Chainalysis stated that with ongoing data, this figure could exceed $17 billion.
In our latest 2026 Crypto Crime Report chapter, we examine how crypto scams reached $17 billion in 2025, driven by sophisticated operations using AI, phishing-as-a-service tools, and professional money laundering networks. Our analysis reveals that impersonation scams grew 1400%… pic.twitter.com/ioiVFu4OJv
— Chainalysis (@chainalysis) January 13, 2026
The average loss per victim increased by 253%, from $782 to $2,764.
Main Threat
The primary focus has shifted to attacks using social engineering and artificial intelligence methods, particularly voice and identity impersonation schemes, which saw a 1400% increase in losses.
The average payment amount in this segment surged by over 600%.
In these scams, criminals pose as legitimate organizations or authoritative figures to manipulate victims.
For example, analysts highlighted a mass phishing campaign by the Chinese-speaking group Darcula (also known as the Smishing Triad). This project targeted Americans using the electronic toll collection system.
Cybercriminals employed a "phishing-as-a-service" model to send mass SMS messages mimicking communications from toll collection agencies (primarily E-ZPass) in at least eight U.S. states.
These attacks were based on vendor software from Lighthouse, which provides criminals with ready-made "phishing kits" featuring hundreds of clone website templates, domain customization tools, and masking functions.
According to a lawsuit from Google, during one wave of scams, criminals sent up to 330,000 SMS messages daily. Over three years, they collected $1 billion, deceiving at least 1 million people across 121 countries.
Lighthouse itself received over 7,000 deposits and accumulated more than $1.5 million in cryptocurrency.
Another incident involved the cryptocurrency exchange Coinbase. In December 2025, the Brooklyn District Attorney charged 23-year-old Ronald Spector with defrauding nearly $16 million by impersonating the platform's support service.
Artificial Intelligence
AI-based fraudulent operations generated 4.5 times more revenue than traditional schemes, Chainalysis noted. On average, "more advanced" scammers earn $3.2 million from a single attack compared to $719,000 without AI tools.
Fraudulent operations involving neural networks are considered the most effective:
- High daily income — averaging $4,838 compared to $518;
- A greater number of transactions — averaging 35.1 compared to 3.89 transfers per day.
Record Confiscations
2025 also marked a record year for law enforcement activity, with two major operations:
- The Metropolitan Police in the UK concluded a money laundering case involving cryptocurrency, leading to the largest confiscation of crypto assets in the world — over 61,000 BTC (approximately £5 billion) were seized from Chinese national Zhimin Qian (Yadi Zhang), who orchestrated an investment scam in China that defrauded over 128,000 victims between 2014 and 2017. Qian received 11 years and eight months in prison for possession and transfer of criminal property, while her accomplice Seng Hok Ling received nearly five years for complicity in money laundering.
- The U.S. Department of Justice charged Chen Zhi, chairman of the Prince Group, with leading Cambodian forced labor camps that became the basis for large-scale crypto fraud. In addition to criminal prosecution, U.S. authorities confiscated over $15 billion in illegally obtained income.
Southeast Asia
Chainalysis emphasized that crypto fraud in East and Southeast Asia has evolved into a resilient ecosystem that continuously adapts to regulatory pressures and continues to grow globally.
Experts noted that Asian scammers have also targeted American seniors. According to AARP and the FBI, in 2024, Americans aged 60 and older lost nearly $4.9 billion — more than any other age group.
Authorities reported that $2.8 billion of these losses were attributed to crypto schemes.
Key tools in these scams have been cryptocurrency ATMs. Under the pretext of an emergency (demanding ransom for a relative, payment for a nonexistent fine or taxes), scammers instruct victims on how to withdraw large sums of cash and convert them into digital assets via the nearest ATM.
Immediately after the funds are deposited, they are transferred to addresses controlled by the criminals.
Chainalysis found that all funds involved in such schemes ultimately end up in wallets linked to Chinese money laundering networks (CMLN) and services in Southeast Asia.
The activity of CMLN is increasing: while in the first quarter of 2022, less than 1% of funds passed through them, by 2025 this figure jumped to 10%. Analysts attributed this trend to a decrease in the use of centralized exchanges, which are increasingly blocking suspicious transactions.
As a reminder, at the end of December, Chainalysis experts estimated the damage from hacks in 2025 at $3.4 billion, with over $2 billion attributed to hackers from North Korea.