Crypto scammers are increasingly using DeFi protocols, with total losses exceeding $17 billion in 2025.
Crypto scams are becoming harder to track as criminals move deeper into decentralized finance (DeFi) to launder stolen funds. Blockchain forensics firm Chainalysis estimates more than $17 billion was stolen through crypto fraud in 2025, with impersonation scams driving much of the growth.
In a blog post, the New York-headquartered firm revealed that impersonation scams, which involve fraudsters posing as trusted entities, grew more than 1,400% year over year (YoY). But unlike earlier scam waves, these operations are now relying less on centralized exchanges and more on DeFi infrastructure to move funds.
“In 2024, these scams saw spikes associated with laundering via smart contracts and token smart contracts. In 2025, these pronounced volumes subsided in lieu of alternating waves associated with bridge use (early-to-mid 2025) and DEX use (second half of 2025),” Chainalysis said.
Chainalysis says the data shows scammers continuing to adapt and innovate, with the average scam payment increasing from $782 in 2024 to $2,764 in 2025, a 253% YoY growth.
As The Defiant reported earlier, losses from crypto-related hacks and exploits fell sharply in December 2025, even as the number of incidents remained elevated.
According to data from blockchain security firm PeckShield, December recorded around 26 major crypto exploits, resulting in total losses of about $76 million. While the figure remains substantial, it marked a roughly 60% decline from November’s $194 million, representing one of the steepest month-over-month drops in 2025.