Fraudsters Target Ethereum Holders in South Korea
Reports from South Korea reveal that fraudsters are preying on cryptocurrency users by employing an Ethereum-themed scam. According to Asia Time, on May 21, many token holders in South Korea received alarming text messages warning them of impending action on their ETH coins.
“Scammers are sending alarming text messages to smartphone users, warning them that their ETH coins will be ‘burned’ on May 22 if they do not act fast.”
The crypto community in South Korea has raised concerns, noting a significant increase in cybercrime activities targeting virtual assets. Members have taken to online platforms to caution others about a potential phishing text message circulating within the community.
Some of the messages claim to be from a “global cryptocurrency exchange” named Bit-Finance, indicating that due to long-term inactivity, Ethereum holdings will be burned if no action is taken by May 22. Recipients are urged to withdraw their funds promptly to prevent any loss.
- Some warned that scammers use technology that allows their messages to bypass spam filters.
- The link enclosed in the messages appears to direct users to a phishing site aiming to extract wallet details and passwords.
The media outlet reported an increase in cyber fraud incidents involving real virtual assets in South Korea. Last year alone, the National Police Agency handled over 167,000 cyber fraud cases, marking a notable increase from previous years.
“Crimes using virtual assets accounted for 38.3% of the total cases reported, with phishing attacks being a significant contributor.”
The Financial Supervisory Service received numerous reports of financial losses caused by crypto-related scams. A considerable portion of these incidents, about 17.7%, were linked to phishing attacks, highlighting the prevalence of such fraudulent activities in the country.
