Bitcoin Scam Statistics: 13.9 Million Crypto Phishing Scams Predicted by 2025 – Bitcoin Under Attack

Bitcoin scams have become a growing concern as more people dive into cryptocurrency. With its increasing popularity, scammers are finding new ways to exploit unsuspecting users. From fake investment opportunities to phishing attacks, these criminals prey on the excitement and lack of awareness surrounding digital currencies.

Scammers may also claim you’re behind on a bill and demand payment in cryptocurrency, but no legitimate organization will ever request this. Staying cautious and recognizing these red flags is crucial to avoid falling victim. It’s all too easy to get caught up in the urgency scammers create, which is why being informed is your best defense.

According to the Federal Trade Commission, since the start of 2021, over 46,000 people have reported losing more than $1 billion to common crypto scams. Most of these losses involved Bitcoin, making it the preferred currency for scammers. In fact, one in four dollars reported lost in scams now involves cryptocurrency—more than any other payment method.

In this guide, I’ve pulled together some important Bitcoin scam statistics to help you stay informed. We’ll look at the most common scams, how much people are losing, and what you can do to avoid getting caught in these traps. Ready to dive into the numbers? Let’s get started!

Key Insights and Alarming Trends in Bitcoin Scam Statistics

I’ve gathered insights from past data to highlight 2025 key statistics and trends on Bitcoin scams, giving you a clearer picture of the risks involved:

What is Cryptocurrency?

Cryptocurrency, such as Bitcoin, is a digital currency that uses blockchain technology to enable secure and transparent transactions across a decentralized network.

Unlike traditional money, it operates independently of central banks, allowing users to exchange value directly with one another through peer-to-peer transactions, ensuring privacy, security, and global accessibility without intermediaries.

How do People Use Cryptocurrency like Bitcoins?

People use cryptocurrencies like Bitcoin for various purposes, including online purchases, investment, and transferring funds globally without intermediaries like banks. It’s also commonly used for secure, fast transactions in decentralized finance (DeFi) platforms and peer-to-peer exchanges.

The number of Bitcoin owners is steadily increasing as more people adopt cryptocurrency for investment, transactions, and secure digital payments.

📈VPNRanks predicts that the number of active Bitcoin users is expected to rise significantly, reaching approximately 50.6 million by 2025. This increase is driven by growing global interest in cryptocurrency, expanding financial access, and advancements in blockchain technology.

Data Findings

According to data from ExplodingTopics, the number of Bitcoin wallets has seen significant growth. Here’s a detailed breakdown:

• As of March 2024, there are just over 46 million Bitcoin wallets holding at least $1 of value. This figure is based on the number of unique addresses.
• In total, approximately 460 million Bitcoin wallets have been created.
• However, around 90% of these wallets are inactive or hold minimal value.

VPNRanks’ Future Predictions

According to VPNRanks’ future predictions, the number of active Bitcoin users is expected to continue rising as adoption increases. In coming years this growth could surpass current levels significantly.

The calculations have been made by applying a 10% annual growth rate to the number of active wallets in 2024.

Justifying the Future Predictions for Bitcoin User Growth

1. Growth Assumptions: The prediction is based on a 10% annual growth rate derived from current adoption trends.
2. Base Data from 2024: Starting with 46 million active Bitcoin wallets in March 2024, the calculations focus on wallets holding at least $1 in value.
3. Adoption Momentum: The increasing number of new wallets created reflects the growing interest in Bitcoin, fueling continued user adoption.

How Do You Get Cryptocurrency and Where to Store Them?

To get cryptocurrency like Bitcoin, you can use platforms such as exchanges, apps, websites, or even cryptocurrency ATMs to buy it. Some people also earn Bitcoin through mining,” where advanced computer equipment is used to solve complicated mathematical puzzles.

When it comes to storing Bitcoin, it’s kept in a digital wallet, which can be online, on your computer, or on an external device like a hardware wallet. Every wallet has a unique address, typically a long string of letters and numbers, used for transactions.

However, securing your wallet is essential because if it’s lost, stolen, or compromised, you won’t be able to recover your funds. Unlike traditional banking, there is no way to retrieve Bitcoin once access is lost, making wallet security a top priority.

Paying with Cryptocurrency like Bitcoins

Paying with cryptocurrency like Bitcoin is becoming increasingly popular for both online and in-person transactions. It allows users to make secure, peer-to-peer payments without the need for intermediaries like banks or credit card companies.

Bitcoin transactions are widely used by people globally for cross-border payments, online purchases, and even donations, offering fast, secure, and decentralized financial freedom.

💰According to VPNRanks, the number of people using Bitcoin for payments is expected to grow due to increasing adoption and global acceptance of cryptocurrency. By 2025, daily Bitcoin transactions could reach an average of 396,900.

Data Findings

According to data from ExplodingTopics, Bitcoin daily transactions have shown significant fluctuations in early 2024. Here’s a detailed overview of the transaction data:

• The average number of Bitcoin daily transactions between January 29th and March 18th, 2024, was approximately 378,000.
• Daily transactions peaked on January 29th at around 575,000.
• The lowest point was on February 6th, with nearly 278,000 transactions.

VPNRanks’ Future Predictions

According to VPNRanks’ future predictions, the number of people using Bitcoin for payments is expected to increase steadily, driven by the rising adoption of cryptocurrency. By 2025, Bitcoin’s usage for transactions and payments is projected to grow significantly.

The prediction is based on a 5% annual growth rate applied to the average daily transaction data from early 2024.

Bitcoin’s Future in Payments: Key Trends Driving Growth

1. Increasing Adoption by Businesses: More businesses worldwide are accepting Bitcoin, leading to a growing number of transactions as consumers use it for everyday payments.
2. Global Trend Toward Decentralized Finance: The shift toward decentralized finance (DeFi) platforms and secure digital payments is encouraging more people to adopt Bitcoin as an alternative to traditional payment methods.
3. Steady Growth in Transactions: Based on current trends and a projected 5% annual growth in daily transactions, Bitcoin usage for payments is expected to rise significantly by 2025.

How To Avoid Cryptocurrency Scams: Protect Your Bitcoin Investments

As Bitcoin and other cryptocurrencies grow in popularity, scammers are constantly finding new ways to exploit people’s interest in these digital assets. To safeguard your Bitcoin and avoid falling victim to a crypto scam, here are a few essential things to keep in mind:

By staying vigilant and following these simple rules, you can protect your Bitcoin and ensure your cryptocurrency investments remain secure.

The Dark Side of Bitcoin: Scams and Fraudulent Tactics You Should Know

Bitcoin has become a preferred medium for scammers due to its anonymous and untraceable transactions, allowing fraudsters to operate without leaving a trail. Below are some of the most common and widespread scams where Bitcoin is frequently used as the primary currency to deceive and exploit victims:

1. Exit Scam: Fraudsters create a fake cryptocurrency platform or broker, enticing investors to deposit funds. Once a substantial amount is collected, they disappear, leaving users without access to their money.

2. Pump and Dumps: In these schemes, fraudsters artificially inflate the price of a cryptocurrency through misleading promotions, then dump their holdings at the peak, leaving investors with worthless assets.

3. Scam Coins: Fraudsters market fake or valueless cryptocurrencies, promising unrealistic returns. Once investors buy in, the coin’s value plummets, and the scam creators disappear with the money.

4. Fake Exchanges: Crypto scammers set up fraudulent exchanges that mimic legitimate platforms. Users deposit their Bitcoin, only to find the exchange shuts down or disappears, taking their funds without any recourse.

5. Fake ICOs: These scams involve fraudsters launching a bogus Initial Coin Offering (ICO), promising future tokens in exchange for Bitcoin. Once they collect enough funds, they vanish, leaving investors with nothing.

6. AI Scams: Scammers exploit the AI trend by creating fake AI-driven Bitcoin investment platforms. Victims deposit Bitcoin expecting smart returns, but the platform quickly disappears, leaving them empty-handed.

7. Investment Scams: Fraudsters posing as experienced brokers lure victims with promises of sky-high returns on Bitcoin investments. After depositing funds, victims are often asked for more or simply lose their initial investment when the broker vanishes.

8. Ponzi Schemes: In these scams, investors are promised high returns, with early participants paid from the funds of new recruits. When recruitment slows down, the scheme collapses, and most investors lose their money.

9. Giveaway Scams: Scammers advertise limited-time” Bitcoin giveaways requiring users to send a small amount of cryptocurrency first. After the deposit, no promo code is provided, and the giveaway never happens, leaving victims scammed.

10. Romance Scams: Fraudsters create fake relationships online, eventually manipulating victims into sending Bitcoin or investing in bogus cryptocurrency schemes. These scams often prey on the emotions of the victims.

11. Employment Scams: Fraudsters offer fake jobs requiring payment in Bitcoin for training or materials, often claiming it’s a secure transaction method. Once victims pay, the employer” disappears, leaving the job seekers scammed.

12. Paypal Bitcoin Scams: In these scams, fraudsters convince victims to sell Bitcoin using PayPal. After the transaction, the scammer disputes the payment with PayPal, claiming they never received the Bitcoin, and the victim loses both their cryptocurrency and the refunded PayPal payment.

13. Bitcoin Mining Scams: Scammers offer fraudulent cloud mining services, promising users high returns for investing in a mining pool. Victims deposit Bitcoin, believing they are earning mining rewards, but the miners never exist, and the scammers keep the funds.

14. Blackmail Email Scams: Scammers use Bitcoin scams email tactics, threatening victims with compromising information and demanding Bitcoin for silence. These emails leverage fear to pressure victims into paying quickly.

15. Fake Deposit Reversal Scams: Scammers claim they can expedite pending Bitcoin deposit reversals for customers. In exchange, they demand Bitcoin as payment for their services.” Cash App will never ask customers for Bitcoin to speed up any transaction.

The Growing Threat of Bitcoin ATM Scams

Bitcoin ATM scams are becoming increasingly prevalent, with Bitcoin scammers using these machines to steal funds from unsuspecting users. As the popularity of Bitcoin ATMs grows, so does the risk of falling victim to fraudulent schemes surrounding them.

💸 VPNRanks predicts that Bitcoin ATM scam losses could rise to $193 million by 2025 in USA. This surge is fueled by the expanding number of ATMs and the increasing exploitation of vulnerable populations, such as seniors.

Data Findings

According to data from the FTC, Bitcoin ATM fraud losses have skyrocketed over the past few years, reaching alarming levels. In the first half of 2024 alone, reported losses amounted to $66 million, showing a steady rise in fraudulent activity.

Studying the table, it’s clear that Bitcoin ATM fraud losses have been consistently rising year over year. The data suggests a significant increase in fraudulent activity tied to Bitcoin ATMs. The losses in the first half of 2024 alone indicate this trend is far from slowing down.

VPNRanks’ Future Predictions

VPNRanks predicts that Bitcoin ATM scam losses will continue to rise through 2025, driven by increasing scam sophistication. These projections highlight the need for stronger preventive measures.

These predictions are calculated based on the current growth trend, with a 46.15% increase expected between 2024 and 2025.

Reasons Behind VPNRanks’ Bitcoin ATM Fraud Predictions

1. Consistent Yearly Increase in Losses: Historical data shows a steady rise in Bitcoin ATM fraud losses, indicating that the upward trend is likely to continue.
2. Growing Popularity of Bitcoin ATMs: As Bitcoin ATMs become more widespread, scammers are finding new ways to exploit them, leading to increased losses Bitcoin and fraudulent activity.
3. Limited Awareness and Protection Measures: Many users remain unaware of the risks involved with Bitcoin ATMs, and current security measures are often insufficient to deter sophisticated scams.

Bitcoin Scams: Leading the Pack in Cryptocurrency Fraud

Bitcoin has become the most common target for cryptocurrency scams due to its widespread use and high market value. Scammers often exploit Bitcoin’s decentralized nature, making it easier to deceive users and evade detection.

📢 VPNRanks predicts that Bitcoin scam revenue may decline by 20-30% by 2025 as awareness increases. However, Bitcoin will remain a primary target for fraudsters, continuing to be the most exploited cryptocurrency in scams.

Data Findings

According to data from Chainalysis, Bitcoin continues to dominate as the most exploited cryptocurrency in scams, driving the majority of crypto fraud cases. This data sheds light on how Bitcoin’s value and popularity make it a prime target for illicit activities.

• Bitcoin accounted for the largest share of cryptocurrency scam revenue in 2022, with billions lost to fraudulent schemes.
• Crypto scam revenue dropped by 46% in 2022, but Bitcoin still remained the most commonly used currency in these scams.
• The popularity of Bitcoin in scams is attributed to its accessibility and the familiarity scammers have in exploiting its transaction mechanisms.

VPNRanks’ Future Predictions

VPNRanks predicts that Bitcoin scams are expected continue to decline as awareness grows, but Bitcoin will still remain a major target for fraudsters. By 2025, we expect scam-related losses to shrink, but the cryptocurrency’s prominence in scams will persist.

This prediction is calculated based on the current decline trends in scam revenues and the assumption of a 20-30% further drop by 2025.

Explaining the Future of Bitcoin Scam Trends

1. Historical Decline in Scam Revenues: The 46% drop in massive crypto scam revenue in 2022 shows a clear downward trend, supporting the prediction of a further decline by 2025.
2. Increased Public Awareness: As more users become educated about Bitcoin scams, the effectiveness of scam tactics is likely to diminish, contributing to the projected reduction in revenue.
3. Ongoing Popularity of Bitcoin: Despite the decline, the Bitcoin report emphasizes that it remains the most popular cryptocurrency, making it a persistent target for scammers, even as overall scam numbers drop.

Age Groups Most Vulnerable to Bitcoin Scams

Bitcoin scams impact people of all ages, but certain age groups are more vulnerable than others. Younger individuals, drawn by the promise of quick profits, and older adults, less familiar with cryptocurrency, tend to be the most frequent targets.

📊 VPNRanks predicts that UK cryptocurrency scams, particularly Bitcoin scams may rise by 27.6% by 2025, with the 18-45 age group remaining the most vulnerable. This demographic is often targeted due to their high engagement with digital currencies and desire for quick financial gains.

Data Findings

According to data from Cointelegraph, UK cryptocurrency scams have surged by 23%, highlighting a growing threat to consumers. This data shows the increasing prevalence of crypto-related fraud across different demographics in the UK.

1. UK cryptocurrency scams have jumped by 23% in 2023, with Bitcoin being a key target.
2. Victims between the ages of 25-24 are the most affected by these scams.
3. Social media platforms are a primary channel for promoting fraudulent cryptocurrency schemes in the UK.

VPNRanks’ Future Predictions

VPNRanks predicts that younger age groups are expected to continue to face the highest risk of Bitcoin scams through 2025. This demographic, drawn by the allure of quick profits, is often targeted by fraudsters using social media.

This prediction was calculated by applying a 20% projected increase to the 23% rise seen in 2023, with a focus on the affected age groups.

Why VPNRanks Predicts a Surge in UK Bitcoin Scams by 2025

1. Historical Data Shows Consistent Growth: The 23% increase in UK cryptocurrency scams in 2023 highlights a clear upward trend, suggesting further growth in the coming years.
2. Targeted Age Groups Remain Vulnerable: Individuals aged 18-45 continue to be the most affected by Bitcoin scams, as they are more likely to engage with cryptocurrency and fall prey to social media-based schemes.
3. Social Media’s Role in Fraud: The growing use of social media platforms for promoting fraudulent Bitcoin schemes suggests scammers will continue exploiting these channels, driving further increases in scam activity by 2025.

Crypto Phishing: A Growing Threat Tied to Bitcoin Scams

Crypto phishing scams have become a major contributor to the rise in Bitcoin fraud, tricking users into giving up sensitive information. These scams often target Bitcoin holders, leading to significant financial losses and fueling the overall surge in Bitcoin-related fraud.

💻 VPNRanks predicts that cryptocurrency phishing detections may reach 13.9 million by 2025, with Bitcoin as a primary target. The rise is attributed to the increasing sophistication of phishing techniques and the expanding adoption of cryptocurrencies.

Data Findings

According to data from Kaspersky and Money Smart, cryptocurrency phishing has surged, increasing Bitcoin scams.

This rise in phishing attacks is closely tied to the biggest crypto scams, where users are tricked into giving up their Bitcoin and other digital assets. Scammers exploit the lack of awareness and security to target unsuspecting individuals.

• Cryptocurrency phishing rose by 40% year-on-year, with 5.04 million detections in 2022 compared to 3.60 million in 2021.
• Scammers frequently target cryptocurrencies like Bitcoin, as these assets are difficult to recover once stolen.
• The increase in phishing scams has fueled the rise of Bitcoin scams, with scammers using sophisticated methods to steal digital currencies.

VPNRanks’ Future Predictions

VPNRanks predicts that cryptocurrency phishing scams will rise sharply through 2025, fueling an increase in Bitcoin fraud. As Bitcoin’s popularity grows, phishing attacks will continue to target its users.

This prediction is calculated based on the consistent 40% growth rate observed from 2021 to 2022, projected forward to 2025.

Why VPNRanks Predicts a Surge in Bitcoin Scams Linked to Phishing

1. Rapid Growth in Phishing Attacks: The 40% year-on-year increase in cryptocurrency phishing detections shows a clear upward trajectory, making Bitcoin users increasingly vulnerable.
2. Bitcoin’s Growing Popularity: As Bitcoin grows in popularity, it becomes a major target for phishing scams aimed at stealing assets. Knowing how to spot a Bitcoin scammer is essential to avoid falling victim to these schemes.
3. Difficulty in Recovering Stolen Bitcoin: The irreversible nature of Bitcoin transactions makes it easier for scammers to succeed, contributing to the predicted rise in fraud cases.

Case Study: The 2020 Twitter Bitcoin Scam

In July 2020, a coordinated attack, widely covered in scam news, compromised several high-profile Twitter accounts, including those of Elon Musk, Bill Gates, and Barack Obama. Hackers used these accounts to promote a fake double your Bitcoin” scheme, where victims were instructed to send Bitcoin with the promise of receiving double in return.

The hackers managed to collect over $100,000 worth of Bitcoin in just a few hours through this fraudulent campaign.

Impact of the Scam

The attack not only resulted in significant financial losses for the victims but also raised serious concerns about the security of social media platforms.

The hackers were able to gain access to Twitter’s administrative tools through social engineering, which allowed them to bypass the security of even verified accounts. This breach exposed vulnerabilities in Twitter’s infrastructure and led to calls for improved security measures.

Lessons Learned from the 2020 Twitter Bitcoin Scam:

• Strengthen Internal Access Controls: Twitter’s breach highlighted the need for stricter internal access to administrative tools to prevent unauthorized usage.
• Enhance Multi-Factor Authentication: Implementing more robust multi-factor authentication for critical accounts can help prevent such attacks.
• Prioritize Security Awareness and Training: Regular security training for employees is essential to prevent social engineering tactics that exploit human vulnerabilities.

Source: AbiEdu

Redditors Weigh in on the Growing Threat of Bitcoin ATM Scams Targeting Seniors

Redditors commenting on Bitcoin scam Reddit threads express frustration over how these scams are predominantly targeting senior citizens. Many seniors are deceived by scammers posing as bank officials or government agents, demanding payment through Bitcoin ATMs to resolve fake financial issues.

Some users highlight the helplessness they feel when trying to prevent these scams, as seniors are often convinced by the urgency of the scam. A few suggest spreading awareness through community outreach, senior centers, and even churches to educate seniors before they fall victim.

Another key point raised is the lack of intervention from store employees due to do not intervene” policies, further enabling these scams. Overall, the community agrees that better education and proactive measures are needed to tackle this growing issue.

Source: Reddit Thread

Expert Opinions on the Escalating Bitcoin Scams

In this section, I’ve included expert insights on the growing threat of Bitcoin scams. As cryptocurrency becomes more mainstream, experts weigh in on why Bitcoin remains a prime target for fraudsters and what measures can be taken to mitigate these scams. Their advice sheds light on the key vulnerabilities and preventive strategies.

Keith Yap’s Take on Bitcoin: Scam or Valuable Asset?

Keith Yap challenges the common belief that Bitcoin is just a scam, especially among those unfamiliar with cryptocurrency. While prominent figures like Charlie Munger have labeled it as fraud, Yap offers a more balanced perspective.

He suggests that Bitcoin when viewed not as a speculative investment but as a form of money, serves as a useful medium of exchange and store of value. By focusing on its potential utility, rather than the volatility, Yap believes Bitcoin can be much more practical and beneficial than many might assume.

Angela Ang’s Insights on the Growth of Crypto ATMs and Its Impact on Illicit Activity

Angela Ang highlights the rapid growth of crypto ATMs in Australia, which has seen a 16-17x increase in machines over the past two years. This expansion has positioned Australia as the third-largest market for crypto ATMs globally, attracting international operators.

However, with this growth comes heightened concern over the potential for illicit activity in the cash-to-crypto sector. TRM Labs’ research shows that since 2019, at least US$160 million in illicit crypto transactions have been processed through ATMs, with 79% tied to scams and fraud.

AUSTRAC has flagged crypto ATMs as an emerging vulnerability” due to the associated money laundering risks. Angela Ang stresses the need for stronger compliance controls, such as ID checks, to mitigate these growing risks.

Keri Patrick’s Perspective on Bitcoin ATM Fraud and Elderly Vulnerability

Keri Patrick highlights the alarming rise in Bitcoin ATM fraud in the United States, where the number of machines has surged from 4,000 in 2020 to over 31,000 today. With this growth, reported fraud losses have jumped dramatically, reaching between $112 to $140 million.

These figures represent only the reported losses related to Bitcoin ATMs and exclude other forms of cryptocurrency fraud. Patrick emphasizes that consumers over the age of 60 are three times more likely to fall victim to Bitcoin ATM scams.

She stresses the urgent need for better protections for the elderly, stating that as a nation, allowing such vulnerability is unacceptable. Stronger preventive measures must be taken to safeguard older generations from these scams.

Methodology Behind VPNRanks’ Bitcoin Scam Predictions

In this section, I’ll explain the approach VPNRanks used to forecast the rise in Bitcoin scams and the factors that contribute to this trend.

Explore More In-Depth Statistics and Reports by VPNRanks

• Love Bombing (Romance Scams)– Statistics reveal a significant rise in cases where victims are overwhelmed with affection by scammers to manipulate them emotionally and financially.
• Insurance Fraud– Reports indicate an increasing number of fraudulent insurance claims, where individuals or groups deceive insurers for financial gain.
• Investment Scams– Data shows a growing trend of fraudulent investment schemes, with victims promised unrealistic returns, resulting in substantial financial losses.
• Online Dating Scams– Studies highlight the prevalence of online dating scams, where scammers create fake profiles to exploit victims for money or sensitive information.
• Cryptojacking– Reports indicate a steady increase in cases, highlighting the growing trend of cybercriminals leveraging this technique to exploit unsuspecting users for financial gain.

Conclusion

Bitcoin scams continue to pose a significant threat as fraudsters find new ways to exploit cryptocurrency users. While awareness is increasing, and overall crypto scam revenue may decline by 20-30% by 2025, Bitcoin remains the primary target due to its widespread use and value. As such, the need for vigilance in protecting digital assets is more important than ever.

Bitcoin ATM scams are one area of growing concern. Predictions suggest that losses from these scams could rise to $193 million by 2025, largely due to the increasing number of ATMs and the vulnerability of seniors. This underscores the urgent need for better education and preventive measures, especially for high-risk groups.

Looking ahead, it’s clear that while some areas of cryptocurrency fraud may decline, others, including the tactics used by scammers on the Bitcoin scammer list, are likely to increase. The continued targeting of massive Bitcoin through scams and phishing attacks. Strengthening security protocols and raising awareness will be key to minimizing future losses.