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Odaily News - New York state officials have warned that AI-generated content and fake crypto projects are making investment scams more deceptive. Investment fraud losses exceeded $8 billion in 2025, up 38% from 2024, with 144,041 consumers reporting losses and a median loss of $10,560 per incident.AI can be used to clone voices, fabricate videos, impersonate financial professionals, and create social media advertisements. New York Attorney General Letitia James has warned that scammers lure investors through celebrity deepfake endorsements, fraudulent cryptocurrencies, pump-and-dump schemes, and fake trading platforms.Some fraudulent platforms display fabricated account balances, returns, and trading records, allowing victims to make small withdrawals to build trust before demanding additional deposits or fees. New York state officials advise consumers to verify the identities of promoters, companies, and investment projects, and to confirm where their funds are going.Data from the U.S. Federal Bureau of Investigation (FBI) shows that reported losses from cybercrime in 2025 totaled $20.877 billion, with losses from cryptocurrency-related complaints reaching $11.37 billion. Common scam signs include promises of high returns, unsolicited investment opportunities, high-pressure sales tactics, and projects lacking clear documentation. (Bitcoin.com News)
Coinbase officially stated it is cooperating with the Brooklyn District Attorney's Office in New York to assist in investigating a long-term impersonation scam targeting platform users and supporting victims in recovering funds.According to the Brooklyn District Attorney's Office, a Brooklyn man has been charged with long-term impersonation of Coinbase customer service. Using social engineering tactics, he tricked users into believing their accounts had been compromised and instructed them to transfer funds to a "secure wallet," subsequently moving and stealing the funds. The case involves approximately 100 victims, with the total amount involved nearing $16 million. Over $600,000 has been recovered so far.Coinbase stated that this type of scam does not stem from platform security vulnerabilities but is a social engineering attack exploiting user trust and a sense of urgency. Common methods include identity forgery, impersonating customer service, and creating panic over account risks. The company stated it has cooperated with law enforcement agencies to complete various investigative tasks, including identifying suspects, assisting with victim notifications, providing data support for legal requests, and conducting on-chain fund tracing. It emphasized that blockchain traceability helps law enforcement track the flow of funds.Coinbase also reminded users that the platform will never ask them to transfer funds to a "secure wallet" or request 2FA codes, seed phrases, or password reset links. It recommends that users only contact customer service through official in-app channels. The company will continue to strengthen its anti-fraud mechanisms, user education, and cooperation with law enforcement agencies to address increasingly sophisticated crypto asset fraud activities.