As an experienced analyst in the field of cybersecurity and artificial intelligence, I find the latest report by Bitget on deepfake-related crypto fraud to be deeply concerning. The exponential increase in deepfake crimes since 2022, with a staggering 245% surge in 2024 alone, is a clear indication that we are dealing with a rapidly evolving threat that demands our attention.
Since the release of Bitget’s most recent findings, it has been uncovered that the consequences of cryptocurrency scams involving deepfakes have accumulated to over $79.1 billion in damages since the beginning of 2022. This represents a striking surge of 245% in such incidents during the year 2024 alone.
The rapid increase in the use of artificial intelligence (AI) has significantly changed the scene, bringing about a new challenge in the form of deepfakes causing approximately $80 billion in damages since 2022.
Based on Bitget Research’s recent findings, there was a startling increase of 245% in deepfake incidents worldwide in 2024 compared to the previous year. Efforts have been made globally to tackle this issue, but the report warns that potential damages from deepfakes could amount to approximately $10 billion by 2025. With an estimated $25.13 billion in losses expected for 2024, this trend is a significant concern.
Gracy Chen, CEO of Bitget, pointed out that deepfakes have been aggressively infiltrating the cryptocurrency realm. She emphasized that effective measures against these deceitful manipulations are limited without adequate education and heightened public awareness.
Users’ vigilance and capacity to distinguish between fraudulent schemes and genuine offers remains the strongest shield against such wrongdoings. However, a complete legal and cybersecurity infrastructure on a worldwide level is yet to be established for comprehensive protection.
Gracy Chen
In the first quarter of 2024, Bitget reported that social engineering and bot fraud were responsible for 14.21% of deepfake-related criminal activities, causing a total loss of approximately $2.03 billion.
The analysis from Bitget’s team indicates that there could be a significant 70% rise in crypto deepfake scams by the beginning of 2026 if no regulatory action is taken. Consequentially, potential financial losses due to deepfakes are expected to escalate, posing a substantial risk not only to the cryptocurrency market but also to the broader financial sector as a whole.
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2024-06-27 14:44