Scammers are increasingly utilizing artificial intelligence to impersonate real individuals in the cryptocurrency sector, deceiving even seasoned developers. Big Pey, a notable developer within the Cardano ecosystem, recently shared his experience of joining a deepfake video call where a scammer posed as a verified contact from the Cardano Foundation.
Big Pey had previously interacted with this individual, known as Pierre, and was convinced of the call's legitimacy due to familiar audio and visuals. During the meeting, he was misled into believing that his Microsoft Teams application required an urgent update, with instructions to input terminal commands. He began this update process but ended the session abruptly due to a low battery, which may have hindered the fraud attempt.
Upon reflection, he recognized the suspicious nature of the update prompt as a likely precursor to installing harmful software. This incident serves as a cautionary tale; vigilance is essential as AI becomes a tool for more sophisticated scams.
Other members of the cryptocurrency community reported similar experiences within hours of his warning. CashAnvil, an official delegate within Cardano, described an almost identical ruse where the impersonator neglected to request a LinkedIn connection, raising red flags. Zac Zou, the co-founder of DWF Labs, disclosed being targeted for a fraudulent call within the same week. Additionally, Alessia Baumgar, a VP at DWF Labs, shared concerning Telegram messages from an account impersonating Pierre, which were deleted when she inquired if his account had been compromised.
The alarming statistics surrounding online scams are sobering. According to the FBI's 2025 data, losses from internet fraud hit a staggering $20.9 billion, and investment-related fraud constituted the most significant segment, with losses exceeding $8.6 billion. New metrics linked to AI scams reported $893 million in losses.
In the early part of 2026, blockchain security firm Hacken highlighted that the Web3 sector experienced approximately $465 million in losses, primarily driven by phishing attacks and social engineering scams, which accounted for around $306 million, or 66%, of the total.
A detailed report by security advisory firm SEAL has associated these tactics with actors linked to North Korea, specifically the group UNC1069. This group has engaged in impersonating real individuals through fake Microsoft Teams and Zoom calls, targeting influential figures in the cryptocurrency arena.
In light of these ongoing threats, Taylor Monahan from MetaMask has issued critical guidance for individuals who suspect they might have fallen victim to such tactics. Recommendations include disconnecting potentially compromised devices from the internet, refraining from using them for sensitive transactions, and securely transferring funds through mobile devices. Important actions also include updating credentials and thoroughly wiping any systems before returning them to normal use.
Despite heightened security awareness, threats persist, and urgent action remains necessary. Informed vigilance can significantly mitigate risks associated with these advanced AI-driven scams.