Swissquote, the digital trading platform that powers the crypto-accommodating Yuh app, has been instructed by Swiss regulatory bodies to crack down on phishing and impersonation efforts aimed at their platforms. An alarming number of over 600 deceptive websites, mimicking Swissquote platforms or attempting to defraud users via false login portals, were unearthed in the first half of 2025, as reported by Bloomberg.
The Swiss Financial Market Supervisory Authority (FINMA) identified the Yuh platform, inclusive of crypto trading, as a primary target for fraudulent schemes conducted by scammers. Marc Buerki, Swissquote’s CEO, acknowledged the surge in fraudulent activities to AI technologies, which simplify the initiation of malicious campaigns. He also assured that their internal systems remained unaffected by the counterfeit websites.
Despite attempts to reach out, Cointelegraph had not received a response from the company at the time of publishing. Fraudulent activities continue to plague the crypto sector, leading to billions of dollars in annual collective losses for users and deterring potential market entrants from acquiring digital assets.
So far in 2025, onchain incidents have resulted in losses approximating $2.1 billion. A significant portion of these losses can be attributed to wallet compromises and phishing attacks. With an increase in data leaks, it is crucial for users to stay alert,” stated cybersecurity firm CertiK in May.
Phishing attacks, social engineering strategies, deceptive websites, online impersonation, and address poisoning scams consistently rank among the most prevalent tactics used by threat actors to trick users and misappropriate funds. In April, a senior citizen was targeted in a $330 million heist through a social engineering scam, as per onchain investigator ZachXBT. This theft was categorized as the fifth-largest crypto loss in history.
Even experienced industry experts are falling victim to intricate social engineering scams. In June, crypto venture capitalist Mehdi Farooq, an investment associate at Hypersphere, revealed that a phishing attack had depleted the majority of his life savings.
