Recently, governments have launched crackdowns to reveal cryptocurrency phishing activities. South Korean administration wants to ensure that its citizens are safe whenever venturing into the cryptocurrency market. The nation aims to strengthen its security infrastructure to prevent the dangers of the expanding crypto industry.
According to local reporters, there is an increase in criminal activities in 2021 following the booming digital market. Hackers take advantage of the decentralized crypto market nature to steal from investors. Indeed, you may forget about security when hunting the luxuries that the market has at the moment.
The Korean ICT sector teams up with National Police in handling the matter. According to Yonhap, a local news outlet, the ICT ministry has noted various criminal attempts via text messages. The fraudsters trap their victims by luring them to provide their identifications on fake sites. The scammer then escapes with the entire currencies in the account the moment they get their target. Keep in mind that they will use sophisticated procedures to lure the victim.
Also read:Over the last three months, the ICT department had revealed 32 crypto sites with unlawful activities. That indicates a rapid increase, given that the ministry uncovered 41 similar sites in the entire 2020.
The ministry reported that sometimes the scammers do not use complicated attempts, targeting careless victims. That is why you have to be attentive whenever dealing with any online crypto platform. For example, the scam artist once used bithnub.com, resembling the Bithumb exchange platform. You know what? The hacker succeeded, luring given crypto fans.
To deal with the fake crypto sites, the ICT department plans to monitor the market 24 hours and block any suspected platform as soon as it is possible.
Since March of 2021, the Korean Police Agency has launched crackdowns to deal with phishing cryptocurrency exchanges. For the past week, the police agency is inspecting 21 cases where the scammer accessed the victim’s wallet and escaped with the available funds. Also, the police have been dealing with money laundering-related issues in the crypto market.
What do you think is the best way to deal with cryptocurrency fraud? Comment your views below.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.