Crypto Scammers Are Increasingly Targeting Gen Z, CA Attorney General Warns

Cryptocurrency scammers are increasingly targeting Gen Z on social media platforms such as TikTok, Instagram and Twitch, California Attorney General Rob Bonta warned.

Americans lost $11.4 billion to cryptocurrency scams in 2025, accounting for more than half of the $20.9 billion lost to internet-based fraud nationwide, according to the attorney general's office.

“These fraudsters aren't just targeting elders — we’re seeing a sharp rise in reports of Gen Z being preyed upon on platforms like Twitch, TikTok, and Instagram,” Bonta said in a statement.

Scammers are increasingly using artificial intelligence, deepfake videos and cloned voices to impersonate celebrities, loved ones and other trusted figures to trick victims into sending cryptocurrency.

Other schemes involve scammers building relationships with victims online before directing them to fake investment platforms that display fabricated profits. Victims are encouraged to invest increasingly large sums before discovering they cannot withdraw their money.

Unlike traditional scams involving cash or gift cards, cryptocurrency allows criminals to transfer large amounts of money remotely in minutes, making transactions difficult to trace or reverse, according to the California Department of Justice.

Bonta urged Californians to avoid cryptocurrency ATMs and watch for warning signs such as guaranteed investment returns, unsolicited financial advice and demands for cryptocurrency payments.

The attorney general's office also recommends keeping social media profiles private, verifying unexpected investment messages from friends and never sharing financial information with strangers online.

Meanwhile, 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.

Victims can report cryptocurrency scams to the California Department of Justice. Additional fraud prevention resources are available at oag.ca.gov/crypto.