Chainalysis 2026 Report: Crypto Scam Loss Estimated at $17B in 2025, Impersonation Fraud Soars 1400%

Cryptocurrency scams siphoned at least $14 billion on-chain in 2025, according to the 2026 Crypto Crime report by blockchain analytics firm Chainalysis, marking a sharp rise from $9.9 billion first reported in 2024. The figure is expected to climb past $17 billion as investigators continue to uncover illicit wallet addresses.

Scammers are adapting with larger transactions: the average payment jumped from $782 in 2024 to $2,764 in 2025, a 253% year-on-year increase. 

Rising Impersonation Scams

Impersonation scams, where fraudsters pose as trusted institutions or officials, surged more than 1,400%, with average payments to these schemes rising over 600%.

Major Cases in 2025

• In Brooklyn in December 2025, prosecutors indicted Ronald Spektor, 23, for defrauding victims of nearly $16 million by impersonating Coinbase customer service. A former Coinbase customer service representative in India was also arrested for allegedly accepting $250,000 in bribes to supply stolen customer data as part of this scam.
• In London in November 2025, the Metropolitan Police secured convictions in a landmark crypto laundering case, seizing 61,000 Bitcoin worth about £5 billion from Chinese national Zhimin Qian (aka Yadi Zhang), tied to a massive investment fraud that victimized over 128,000 people.
• In December 2025, U.S. authorities moved to seize tickmilleas.com, a fraudulent domain posing as the legitimate financial services firm, Tickmill, linked to a transnational crypto scam network operating from Burma’s Tai Chang compound.

AI and Deepfake-Driven Fraud

A July 2025 report by J.P. Morgan highlighted scammers’ growing use of deepfake technology and AI-generated content in romance and investment fraud. Chainalysis found scams with on-chain links to AI vendors generated 4.5 times more revenue per operation than $719,000 for those without, averaging $3.2 million each.

Evolving Tactics

High-yield investment programs (HYIP) and pig butchering remain dominant, but fraudsters are increasingly blending methods, combining AI tools, SMS phishing services, and complex laundering networks to scale operations.

Chainalysis warns that 2025’s data underscores how crypto-enabled scams are becoming more sophisticated, organized, and efficient, lowering barriers to entry and enabling fraud at scale.