Brind.
  1. A global financial crime report estimates illicit financial activity, noting that crypto and AI are increasingly used in investment fraud and scams.

Crypto Fraud Identified as Nation's Costliest Cybercrime

1 report, 1 independent Updated Oct 19
AI-generated briefing. Brind wrote this from the reports listed below. It can be wrong. Each section says how much you can rely on it, and the sources are linked so you can check.

What happened

Some supportReported by 1 outlet

A report identified cryptocurrency fraud as the nation's most expensive form of cybercrime. In 2025, Americans lost $20.9 billion to internet-based scams, with $11.4 billion of that loss attributed specifically to crypto scams, according to state Attorney General Rob Bonta. These scams increasingly use generative AI, deepfakes, and malicious smart contracts to drain digital wallets quickly.

From kesq.com

Why it matters

Some supportBrind's analysis of the reports

Cryptocurrency fraud has rapidly become the nation's costliest cybercrime, allowing fraudsters to bypass physical safeguards and maximize the speed of theft. The rise of these sophisticated scams, which leverage digital assets, increases operational and compliance risks across the financial sector.

A global financial crime report estimates illicit financial activity, noting that crypto and AI are increasingly used in investment fraud and scams.

From kesq.com

Who's involved

  • BitcoinDigital asset that is the primary target of the fraud.
  • CoinbaseCryptocurrency exchange platform facing increased fraud risk.
  • SoFiFinancial services company facing increased operational risk from crypto fraud.
  • SECRegulatory body facing increased scrutiny due to the rise of cybercrime.

Who could feel it

Possible knock-on effects

These are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.

  • CoinbaseSpeculative

    Coinbase might face higher security and compliance costs due to increased fraud risk.

  • SoFiSpeculative

    SoFi could face increased operational costs related to managing crypto fraud.

Possible ripples

Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.

Keep exploring

Part of

A global financial crime report estimates illicit financial activity, noting that crypto and AI are increasingly used in investment fraud and scams.

Also in this story

All 3 developments

The entities involved

Related events

Coverage

Newest first; wire copies grouped