"A new report from Chainalysis, a blockchain data platform based in New York City, estimates that $17 billion in crypto was stolen last year through fraud and scams. Impersonation scams, where criminals pretend to be trusted entities or use fake tokens or websites to trick victims into sending them crypto, were up a jaw-dropping 1,400% year over year. And while it's much too early to gather any conclusive data for 2026, the year got off to an inauspicious start."
"Earlier this month, the FBI warned about the use of Bitcoin ATMs, saying the devices are a magnet for scammers to convince people to send money (their entire life savings, in some cases) overseas. And just this week, the fintech firm Betterment confirmed that hackers had broken into its systems earlier this month and used the data to send a fraudulent crypto note to users, which funneled money to a wallet controlled by the attacker."
Estimates show roughly $17 billion in cryptocurrency was stolen in 2025 through fraud and scams. Impersonation scams spiked by about 1,400% year over year as criminals used fake tokens, websites, and trusted-entity impersonations to trick victims. Global regulatory easing and stablecoins enabled $46 trillion in annual transactions, and U.S. policy shifts encouraged wider adoption. The FBI warned that Bitcoin ATMs attract scammers who pressure victims to send funds overseas. A fintech breach was exploited to deliver fraudulent crypto notes that routed funds to attacker-controlled wallets. Early projections indicate scammers received at least $14 billion on-chain and may combine tactics more broadly in 2026.
Read at Fast Company
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