The cryptocurrency market is facing a growing threat of fraud associated with fake accounts impersonating security services. The situation has intensified alongside increased losses from hacking attacks and fraudulent schemes.
Fraud and Its Scale
According to PeckShield, users lost over $244 million due to fraud and attacks in May 2025. Total losses for the year exceed $2 billion, highlighting the effectiveness of new fraudulent schemes.
Warning from SlowMist Founder
Yu Xian, founder of SlowMist, issued a warning about a network of fake accounts on X (formerly Twitter). These accounts impersonate legitimate security services and deceive users seeking help recovering wallets. "These are organized criminal groups," Xian stated.
Scammers' Tactics
Scammers often target users discussing wallet issues and reply to public posts. They offer fake 'signature-checking' tools designed to mimic legitimate platforms. These tools create a sense of urgency and confusion, potentially leading informed users to make erroneous decisions.
Given the rising level of fraud in the cryptocurrency sphere, it is essential to remain vigilant and verify information sources. Share data only with trusted and authoritative resources.
