Swissquote Under Scrutiny
Swissquote, the trading platform known for its crypto-centric Yuh app, has come under scrutiny from Swiss authorities due to a surge in phishing and impersonation schemes targeting its services. In the first half of 2025 alone, over 600 fraudulent websites posing as Swissquote or attempting to deceive users through fake login pages were identified, as reported by Bloomberg.
Impact of AI on Scams
The Swiss Financial Market Supervisory Authority (FINMA) specifically highlighted the Yuh app, which facilitates cryptocurrency trading, as a significant victim of these scams. Marc Buerki, the CEO of Swissquote, linked the rise in these fraudulent activities to advancements in artificial intelligence, suggesting that scammers can now execute their schemes with greater ease. He reassured stakeholders that Swissquote’s internal systems had not been breached by these counterfeit sites.
Despite efforts to address the issue, Cointelegraph noted that they had not yet received a comment from the company at the time of writing.
Threat to the Cryptocurrency Sector
The increased prevalence of scams poses a serious threat to the cryptocurrency sector, resulting in user losses amounting to billions each year and deterring new investors from engaging with digital assets. According to cybersecurity firm CertiK, on-chain incidents in 2025 have already resulted in approximately $2.1 billion in losses, primarily due to compromised wallets and phishing attacks. The firm emphasized the importance of vigilance in the face of rising data breaches.
Common Tactics and Notable Incidents
Common tactics among cybercriminals include phishing, social engineering, fraudulent websites, and impersonation scams. In a notable incident earlier this year, an elderly victim fell prey to a social engineering scheme that resulted in a staggering $330 million theft, marking it as the fifth-largest crypto robbery in history.
Even experienced professionals are not immune; in June, well-known venture capitalist Mehdi Farooq revealed that he had lost most of his savings to a phishing attack, illustrating the risks that even seasoned investors face in the current landscape.