In 2025, cryptocurrency scams received at least US$14 billion on-chain, a significant increase from the $9.9 billion we first reported in 2024, which reached $12 billion at our recalculation as of this writing – a number that was broadly in line with our projected $12.4 billion for the year.

Based on historical trends, in which our annual estimates grow by an average of 24% between reporting periods, we project that the 2025 figure could exceed $17 billion as we identify more illicit wallet addresses in the coming months.

This year’s data show scammers continuing to adapt and innovate, with the average scam payment increasing from $782 in 2024 to $2,764 in 2025, a growth of 253% YoY. Overall scam inflows have also…