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South Korea Battles Phishing Websites

South Korea cracks down phishing websites that attack crypto users.

Authorities from South Korea are escalating their monitoring of phishing related to cryptocurrencies. The government already identified a number of websites trying to acquire login details from crypto exchange users.

Seoul deepens the monitoring of Crypto Phishing Scams

Surging market prices have led to an increasing number of phishing attempts targeting investors and users of cryptocurrency in South Korea. The government in Seoul announced that it is strengthening its monitoring system to detect threats in just a matter of time. It will also work closely with the Koren National Police Agency (KNPA) to prevent any kinds of fraud.

The Korean Ministry of Science and Information and Communications Technology said that it received many reports of phishing attempts. The attacks happen through text messages tricking the crypto traders to enter their usernames and passwords on fake websites. The attackers can access their accounts and steal everything.

The department found and blocked 32 phishing websites in the last three months. This compares to 41 sites identified in 2020. Fake web pages have domain names that are similar to the real platforms. Bithnub, a misspelled version of Bithumb is one of them. The monitoring system by the ICT works 24 hours to block the websites ahead of time.

south korea battles phishing scam

Police investigates 21 cases of breached crypto accounts

The National Police Agency opened its own program against crypto fraud in March this year. KNPA investigates 21 cases where cryptocurrency users were attacked. The agency prohibited its investigators from acquiring cryptocurrencies. Then required them to report any coins bought before the ban.

A report revealed that South Korean have access to different trading platforms and types of digital currencies. Last April, the price Bitcoin reached 80 million won per coin in Korea (around $72,000). These high market prices led to a surge in many illegal activities that involve digital assets.

Just this week, the Korean police raided the offices of a Seoul-based cryptocurrency exchange that is suspected of tricking the customers in a multi-level marketing scheme. Korean financial regulators announced that an offensive against the illegal crypto activities will continue until June.

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