<ul><li>Sophisticated scams targeting crypto users have been on the rise, draining funds and complicating recovery efforts for victims.</li><li>In May 2025, users lost over $244 million to hacks and fraud, with total losses for the year surpassing $2 billion, highlighting the growing effectiveness of fraudulent operations.</li><li>Founder of SlowMist, Yu Xian, warned about fake security firms impersonating legitimate services on X, leading to wallet compromises and further harm to users.</li><li>Scammers use phishing tools that mimic real apps, exploiting panic and misdirection to deceive users, even replicating profiles of trusted crypto analysts to gain credibility.</li></ul>

Fake Security Firms Target Crypto Users in Rising Scam Wave

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