According to CoinMeta, the newly implemented crypto asset market regulations by the European Union (EU) took effect on July 1st, resulting in over 1,700 unlicensed crypto platforms ceasing services to their customers (EU), forcing users to turn to licensed alternatives. Only 323 companies hold valid MiCA authorizations, which provides an opportunity for scammers. Scammers imitate genuine migration notifications, pose as regulatory authorities, and induce users to switch to fake platforms. A spokesperson for the French Financial Markets Authority (AMF) pointed out that scammers impersonate AMF employees to trick victims into paying upfront administrative fees in an attempt to recover stolen funds. The Dutch Financial Markets Authority (AFM) warned that the migration of unregulated crypto exchanges is in itself a vulnerability, calling on investors to verify the legitimacy of providers before transferring assets.