Ethereum Scam Targets South Korean Crypto Community

Ethereum-themed Scam Targeting South Korean Crypto Users

Fraudsters are targeting South Korean crypto users with an Ethereum-themed scam, as reported by the South Korean media outlet Asia Time. 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.

Scam Details

• Scammers are sending alarming text messages to smartphone users in South Korea.
• Messages warn that ETH coins will be “burned” on May 22 without immediate action.
• Some messages claim to be from a global cryptocurrency exchange named Bit-Finance.

Community Warnings

Crypto community members have taken to online platforms to warn fellow token holders about the phishing text messages circulating. Recipients are advised to be cautious and not click on any suspicious links.

Scammers’ Tactics

• Some messages claim long-term inactivity will lead to Ethereum holdings being burned.
• Recipients are prompted to make withdrawals immediately to safeguard their funds.
• Scammers attempt to lure victims to phishing sites to steal wallet details and passwords.

Police Response

The National Police Agency in South Korea reported a rise in cyber fraud cases related to virtual assets. Victims have suffered financial losses due to crypto scammers, with phishing attacks being a significant concern.

Market Impact

The rise in phishing attacks coincides with the increased popularity of commission-free crypto trading in South Korean markets. Experts attribute the surge in attacks to the higher transaction volumes in the crypto market.

Law Enforcement Efforts

Police authorities are employing advanced investigation methods to combat virtual asset-related crimes. They are tracking the flow of transactions and cracking down on fraudsters who use sophisticated tactics like daepo phones.