Swissquote Ordered to Combat Crypto Phishing and Impersonation Scams
Swissquote, a leading online trading platform, has been instructed by Swiss regulators to address the surge in phishing and impersonation scams targeting its services, including the crypto-friendly Yuh app. In the first half of 2025, authorities identified over 600 fraudulent websites impersonating Swissquote, underscoring the escalating threat to cryptocurrency users.
AI’s Role in the Rise of Fraudulent Activities
Marc Buerki, CEO of Swissquote, highlighted the use of artificial intelligence by scammers as a key driver behind the increase in fraudulent activities. Despite these challenges, Buerki assured that the platform’s internal systems remained secure.
The Wider Impact on the Cryptocurrency Industry
The cryptocurrency sector continues to face significant losses due to scams. CertiK, a cybersecurity firm, reported losses amounting to $2.1 billion in 2025, primarily from wallet compromises and phishing attacks. Notable incidents include:
- A $330 million theft from an elderly individual, ranking as the fifth-largest crypto loss in history.
- A phishing attack that drained the life savings of Mehdi Farooq, a seasoned crypto venture capitalist.
These incidents highlight the critical need for increased awareness and security measures within the cryptocurrency community.
