“State security frauds” in crypto generally fall into two buckets: (1) state-linked threat actors that operate or compromise online “services” (exchanges, wallets, DeFi front-ends) to steal funds, and (2) criminal rings that impersonate government or law-enforcement agencies to push fake recovery, compliance, or investment “services.” 2025 data shows both are active: analysts attribute record-scale thefts to DPRK-linked groups, while FBI…
