The online trading platform Swissquote, behind the crypto-friendly application Yuh, has been asked by Swiss regulators to reduce the number of phishing and impersonation attacks targeting its platform.
According to Bloomberg, over 600 websites impersonating the Swissquote platform or attempting to defraud users through fake login portals were discovered in the first half of 2025.
The Swiss Financial Market Supervisory Authority (FINMA) pointed out that the Yuh platform, which also offers cryptocurrency trading, is a primary target for fraudsters conducting fraudulent activities.
Swissquote CEO Marc Buerki attributed the increase in fraudulent activities to artificial intelligence, which makes it easier to initiate malicious actions. The CEO also stated that the fake websites did not breach any internal systems.
Cointelegraph has contacted the company but has not received a response as of the time of publication.
Fraud remains an issue in the cryptocurrency industry, causing users collective losses of billions of dollars each year and hindering potential market participants from holding digital assets.
Cybersecurity firm CertiK wrote in May: "As of 2025, on-chain incidents have resulted in approximately $2.1 billion in losses. Most of the losses stem from wallet leaks and phishing, making it crucial to remain vigilant as data breaches increase."
Phishing attacks, social engineering activities, fraudulent websites, online impersonation, and address poisoning scams are some of the most common methods used by threat actors to deceive users and steal funds.
According to on-chain detective ZachXBT, an elderly person became a target of a $330 million theft through a social engineering scam in April. This theft is listed as the fifth largest cryptocurrency loss in history.
Even seasoned industry veterans have fallen victim to complex social engineering scams. In June, crypto venture capitalist and Hypersphere investment partner Mehdi Farooq revealed that he became a victim of a phishing attack, losing most of his life savings.
Related: The U.S. Department of Justice (DOJ) charges four North Koreans with stealing nearly $1 million in cryptocurrency from a blockchain startup.
Original article: “Swiss Major Trading Platform Swissquote Ordered to Curb Fake Websites and Fraud”
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