Key Takeaways
- • California Attorney General Rob Bonta warned that cryptocurrency scammers are increasingly targeting Gen Z users on TikTok, Instagram and Twitch.
- • Americans lost $11.4 billion to cryptocurrency scams in 2025, more than half of the $20.9 billion lost to internet-based fraud nationwide, according to the attorney general's office.
- • Scammers are using AI, deepfake videos and cloned voices to impersonate celebrities and trusted figures, and steering victims to fake investment platforms showing fabricated profits.
- • Bonta urged residents to avoid cryptocurrency ATMs; a new California law he sponsored lets law enforcement seek court approval to return seized crypto to victims even when perpetrators are beyond U.S. prosecutors' reach.
Summary
California Attorney General Rob Bonta has warned that cryptocurrency scammers are increasingly targeting Gen Z on social media platforms including TikTok, Instagram and Twitch. In a statement, Bonta said his office is seeing a sharp rise in reports of young people being preyed upon on those platforms, adding that fraudsters are not only targeting older adults.
According to the attorney general's office, Americans lost $11.4 billion to cryptocurrency scams in 2025, which accounted for more than half of the $20.9 billion lost to internet-based fraud nationwide. The figures are attributed to the attorney general's office and were not independently verified in the source material.
The office describes several evolving schemes. Scammers are increasingly using artificial intelligence, deepfake videos and cloned voices to impersonate celebrities, family members and other trusted figures to induce victims to send cryptocurrency. Other scams involve building online relationships before directing victims to fake investment platforms that display fabricated profits. Victims are encouraged to commit increasingly large sums before discovering they cannot withdraw their funds.
According to the California Department of Justice, cryptocurrency differs from traditional cash or gift card scams because it allows criminals to move large sums remotely within minutes, making transactions difficult to trace or reverse. Bonta urged Californians to avoid cryptocurrency ATMs and to watch for warning signs such as guaranteed returns, unsolicited financial advice and demands for crypto payments. The office also recommends keeping social media profiles private, verifying unexpected investment messages from friends, and never sharing financial information with strangers online.
On the enforcement side, a new California law sponsored by Bonta allows law enforcement to seek court approval to return seized cryptocurrency to fraud victims, even when perpetrators are beyond the reach of U.S. prosecutors.
According to the attorney general's office, Americans lost $11.4 billion to cryptocurrency scams in 2025, which accounted for more than half of the $20.9 billion lost to internet-based fraud nationwide. The figures are attributed to the attorney general's office and were not independently verified in the source material.
The office describes several evolving schemes. Scammers are increasingly using artificial intelligence, deepfake videos and cloned voices to impersonate celebrities, family members and other trusted figures to induce victims to send cryptocurrency. Other scams involve building online relationships before directing victims to fake investment platforms that display fabricated profits. Victims are encouraged to commit increasingly large sums before discovering they cannot withdraw their funds.
According to the California Department of Justice, cryptocurrency differs from traditional cash or gift card scams because it allows criminals to move large sums remotely within minutes, making transactions difficult to trace or reverse. Bonta urged Californians to avoid cryptocurrency ATMs and to watch for warning signs such as guaranteed returns, unsolicited financial advice and demands for crypto payments. The office also recommends keeping social media profiles private, verifying unexpected investment messages from friends, and never sharing financial information with strangers online.
On the enforcement side, a new California law sponsored by Bonta allows law enforcement to seek court approval to return seized cryptocurrency to fraud victims, even when perpetrators are beyond the reach of U.S. prosecutors.
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