Blockchain analysis firm Chainalysis states that confirmed on-chain scam revenues for 2025 have reached at least $14 billion. As investigators continue to identify wallet addresses associated with scam networks, this figure could be revised upward to $17 billion.
The report states that the average single transfer amount received by fraudulent addresses increased by 253% year-over-year. Meanwhile, fraudulent activities utilizing AI-assisted content, automated processes, and other methods are approximately 4.5 times more profitable than traditional scams.
Phishing remains the primary method.
Chainalysis notes that so-called "approve phishing" typically tricks users into granting spending permissions to malicious smart contracts. Victims believe they are confirming a routine operation, such as token swapping or transferring, but the actual authorization may allow attackers to continuously drain assets from the wallet without needing further permission.
The company summarized several common indicators, including victims providing highly consistent, scripted explanations for transactions, individuals with little to no prior digital asset activity suddenly making large cryptocurrency purchases, and so-called “mentors” remotely guiding transactions and demanding immediate execution.
Law enforcement agencies are investigating the related networks.
Chainalysis states that these fraud networks are traceable because attackers often reuse the same set of wallets, spender contracts, and cash-out infrastructure across multiple victims, providing law enforcement with valuable leads to identify and disrupt these criminal groups.
The report states that agencies from multiple countries have taken action against the related network. Among them, Operation Atlantic, involving agencies from the United Kingdom, Canada, and the United States, has identified over 20,000 victims, frozen more than $12 million in suspected criminal proceeds, and traced an additional $45 million in fund movements.
AI improves the efficiency of scam conversions
The report finds that AI is amplifying the scale and efficiency of online scams. Although Chainalysis did not break down which specific tools were used, its research shows that scams leveraging AI-generated content, automated outreach, or other AI-assisted methods yield significantly higher returns than traditional approaches.
This means that the risk of crypto scams is no longer limited to the amount lost in a single attack, but also lies in scammers’ ability to rapidly replicate their scripts, expand their reach, and improve conversion rates. For users, wallet interactions involving authorization actions remain one of the most critical areas to remain vigilant about.