Crypto-focused cybercriminals are ramping up their deception tactics, now posing as reputable blockchain security firms to steal user assets.
These schemes not only drain funds but also implicate victims, complicating their ability to recover stolen assets.
The surge in such sophisticated scams coincides with a sharp rise in overall crypto losses. In May 2025, users lost over $244 million to hacks and fraud, according to blockchain security firm PeckShield. This brings total losses for the year to over $2 billion, highlighting the growing effectiveness of these fraudulent operations.
SlowMist Founder Warns of X Account Impersonators
Yu Xian, founder of blockchain security firm SlowMist, issued a warning on June 1 after uncovering a network of fake accounts on X (formerly Twitter). These accounts impersonate legitimate security services while secretly plotting to compromise user wallets.
“These are organized criminal groups,” Xian stated. “They offer fake help for wallet thefts and end up causing more harm.”
The attackers often target users posting about wallet issues, replying under public threads to gain attention. Once engaged, according to the information, they guide victims to fraudulent “signature-checking” tools—designed to mimic legitimate platforms.
Phishing Tools Exploit Panic and Misdirection
These malicious tools replicate the design and function of real apps, creating urgency and confusion. Even users who double-check with real services can fall for the trick, believing the fake tools found hidden threats.
SlowMist also revealed that scammers frequently clone the profiles of trusted crypto security analysts like ZachXBT. Their entire strategy depends on speed, fear, and surface-level credibility, making it difficult for victims to respond rationally before damage is done.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/fake-security-firms-target-crypto-users-in-rising-scam-wave/