AI is fueling a massive surge in crypto fraud schemes, IRS investigators say
IRS investigators say AI is fueling a surge in crypto fraud schemes, with an estimated $20 billion stolen from Americans in 2025. A 73-year-old woman, Kyle Holder, lost $300,000 to scammers who used AI to manipulate her.
A 73-year-old woman, Kyle Holder, lost her $300,000 life savings to scammers who used artificial intelligence to manipulate her. The scammers contacted Holder via WhatsApp, offering investment coaching in the crypto market. They built a rapport with her, eventually convincing her to transfer funds to crypto wallets tied to the scammers. Holder's case was referred to the IRS Criminal Investigation New York Field Office. Investigators found that cybercriminals had transferred cryptocurrency from the 14 wallets to which Holder sent money. The FBI estimates that $20 billion was stolen from Americans via cyber theft in 2025, with more than half of those funds in cryptocurrency.
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