Swissquote, the online trading platform behind the encryption-friendly Yuh app, has been ordered by Swiss regulators to reduce the number of phishing and spoofing attempts targeting the platform.
According to Bloomberg, in the first half of 2025, more than 600 websites were discovered attempting to fraudulent users through a fraudulent login portal.
The Swiss Financial Markets Supervisory Authority (FINMA) cited the YUH platform, which also features crypto transactions as the main target of fraud campaigns committed by fraudsters.
Swissquote CEO Marc Buerki attributes the rise in fraudulent activity to AI. The CEO also said that the internal systems were not compromised by the fake website.
Cointelegraph contacted the company but did not receive a response at the time of publication.
Fraud continues to be a problem for the crypto industry, with users spending billions of dollars in collective losses each year, preventing market participants from retaining their digital assets.
https://www.youtube.com/watch?v=t06mvwz6ngm
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“So far, on-chain incidents have resulted in (approximately) $2.1 billion in losses in 2025. The majority of the losses have come from wallet compromises and phishing, and it is important that the rise in data leaks remain vigilant.”
Phishing attacks, social engineering campaigns, fraudulent websites, online spoofing, and address addiction scams are some of the most common ways threat actors employ to deceive users and steal funds.
According to Onchain detective ZachxBT, he was the target of a $330 million robbery in April. Theft ranked as the fifth largest crypto loss in history.
Even experienced industry veterans fall prey to sophisticated social engineering scams. In June, Hypersphere’s investment partner, Crypto Venture Capitalist Mehdi Farooq, revealed he was the victim of a phishing attack that discharged a large portion of his life’s savings.
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