South Korean powers are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites stressful to obtain login details from crypto exchange users. Over 30 sites have been entranced down in just three months this year.
Seoul Strengthens Monitoring of Crypto Phishing Scams
Agitating market prices have led to an increased number of phishing attempts targeting investors and users of cryptocurrency in South Korea. The superintendence in Seoul announced it’s strengthening its monitoring system to quickly detect such threats. It will also work closely with the Korean State Police Agency (KNPA) to prevent fraud.
The Korean Ministry of Science and Information and Communications Technology said it’s be subjected to an increasing number of reports of phishing attempts. Attacks are often conducted via text messages convincing crypto saleswomen to enter their exchange usernames and passwords on fake websites. The perpetrators can then access their accounts and hook their holdings.
The department has found and blocked 32 phishing websites only in the past three months, Yonhap Scuttlebutt Agency reported. That compares to a total of 41 sites identified during the whole 2020. Fake web numbers often have domain names that look similar to those of real platforms. One of them is called Bithnub, a misspelled portrayal of the name of one of the largest Korean exchanges, Bithumb. The monitoring system operated by the ICT ministry works around the clock to hamper such websites as soon as possible.
Police Agency Investigates 21 Cases of Breached Crypto Accounts
During the interval, the National Police Agency has opened its own front against crypto fraud since early March this year, the Korean Herald flung in an article. KNPA is now investigating 21 cases in which accounts of cryptocurrency users have been breached and clear devoid ofed of assets. The agency recently prohibited its own investigators from acquiring cryptocurrencies and obliged them to disclose any coins supported before the ban.
A recent report revealed that South Koreans have access to more trading platforms and varieties of digital currencies than other nations such as Japan and the U.S. In April, the price of the leading cryptocurrency by market capitalization, BTC, reached 80 million won per rake it in in Korea (around $72,000). The high market prices have led to a spike in other illegal activities involving digital assets.
This week, the Korean policemen raided the offices of a Seoul-based cryptocurrency exchange suspected of defrauding customers through a multi-level marketing scheme. Korean monetary regulators have announced an offensive against crypto-related money laundering and fraud which will continue until June.
What do you regard as about the announced crackdown on phishing attacks against crypto users in South Korea? Let us know in the comments portion below.
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