A report from South Korea’s largest mainstream media outlet suggests that the South Korean government will soon take measures to combat the rise of malicious websites masquerading as crypto exchanges. Phishing attacks targeting crypto users in South Korea have been on the rise, and have caused losses of million of dollars in recent months. Blog Post Body: A report from South Korea’s largest mainstream media outlet has suggested that the South Korean government will soon take measures to combat the rise of malicious websites masquerading as crypto exchanges. The report, which comes from Yonhap News, claims that the country’s Ministry of Science and ICT will soon launch a “crackdown on
South Korea has been dealing with an epidemic of phishing websites targeting cryptocurrency users and threatening to expose victims’ identities. In response, several major South Korean cryptocurrency exchanges are teaming up with the country’s internet and financial regulators to create a blacklist of phishing websites.
South Korean authorities are tightening surveillance on phishing activities related to cryptocurrencies. The government has identified a record number of websites attempting to obtain the login credentials of users of cryptocurrency exchanges. In just three months of this year, more than 30 sites have been eliminated.
Seoul tightens scrutiny on crypto fishing scams
The rise in market prices has led to an increase in phishing attempts targeting investors in and users of cryptocurrencies in South Korea. The Seoul government has announced that it will strengthen its surveillance system to quickly detect these threats. It will also work closely with the Korean National Police Agency (KNPA) to prevent fraud.
Korea’s Ministry of Science and Information and Communication Technology said it is receiving increasing reports of phishing attempts. The attacks are often carried out via text messages asking cryptocurrency traders to enter their username and password on fake websites. Attackers can then access their accounts and steal their assets.
In the past three months alone, the service has detected and blocked 32 phishing sites, according to Yonhap news agency. By comparison : By 2020, 41 sites have been identified. Fake websites often have domain names that resemble those of real platforms. One is called Bithnub, which is a misnomer for one of Korea’s largest exchanges, Bithumb. A monitoring system of the Ministry of ICT is active 24 hours a day to block these sites as quickly as possible.
Police investigate 21 cases of hacking into crypto-currency accounts
Meanwhile, the National Police Agency has opened its own front to fight cryptocurrency fraud since the beginning of March this year, according to an article in the Korean Herald newspaper. The KNPA is currently investigating 21 cases where cryptocurrency user accounts were hacked and emptied. The agency recently banned its own researchers from buying cryptocurrencies and asked them to disclose all coins they had purchased prior to the ban.
A recent report shows that South Koreans have access to more exchange platforms and types of digital currency than other countries such as Japan and the US. In April, the price of the largest cryptocurrency by market capitalization, BTC, reached 80 million won per coin (about $72,000) in Korea. High market prices have led to an increase in other illegal activities involving digital assets.
Korean police raided the offices of a Seoul-based cryptocurrency exchange this week on suspicion of defrauding customers through a multi-level marketing scheme. Korean financial regulators have announced an offensive against cryptocurrency-related money laundering and fraud that will last until June.
What do you think of the announced crackdown on phishing attacks on cryptocurrency users in South Korea? Let us know your comments in the section below.
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