The European Union’s crypto regulatory framework MiCA has been fully implemented, and fraudsters are rapidly exploiting the regulatory vacuum and the mass migration of users that followed. Millions of users who must move assets from unlicensed platforms to licensed ones have become prime targets.

According to CoinDesk on the 16th (local time), MiCA’s full implementation on July 1 forced more than 1,700 unlicensed crypto platforms to suspend services to EU customers and direct users to licensed alternative platforms. At the time, only 323 firms held valid MiCA authorization, leaving up to 10 million users needing to relocate their digital assets.

This large-scale migration process itself became an attack surface for scammers. The tactics…