Fraudsters in South Korea are targeting crypto users with an Ethereum-themed scam by sending alarming text messages warning that their ETH coins will be “burned” if they do not act quickly. The scam has been reported to originate from bogus exchanges and is circulating through phishing text messages that bypass spam filters. Recipients are prompted to click on a link that directs them to a phishing site where scammers attempt to trick them into entering wallet details and passwords. This type of cybercrime targeting virtual assets is on the rise, with previous reports indicating an increase in phishing attacks related to cryptocurrencies in South Korea.
As the ETH price surged higher, traders speculated that the SEC might approve Ethereum ETFs, leading to rumors of a major SEC u-turn. Some scammers are using this speculation to target token holders with messages claiming their Ethereum holdings will be burned due to long-term inactivity, urging them to make withdrawals to avoid losing their funds. The messages claim to be from a global cryptocurrency exchange named Bit-Finance, although they are actually phishing attempts aimed at stealing cryptocurrency from unsuspecting victims. Community members have been posting warnings about the scam, advising others to be cautious and avoid falling for such fraudulent schemes.
Cyber fraud involving real virtual assets is reportedly on the rise in South Korea, with a significant percentage of cyber fraud cases involving virtual assets like cryptocurrencies. The National Police Agency in South Korea has noted a sharp increase in cyber fraud cases, with crimes using virtual assets accounting for a substantial portion of the total reported incidents. Victims have reported financial losses due to crypto scams, particularly phishing attacks that have become rampant in the country. To combat these cybercrimes, police authorities are using investigation methods to track the flow of transactions and crack down on fraudulent activities.
The surge in phishing attacks targeting crypto users is seen as an opportunistic move by scammers taking advantage of the buoyant crypto markets in South Korea. The rise in transaction volumes and the popularity of commission-free crypto trading have led to an increase in phishing attempts, with scammers using sophisticated tactics to deceive victims. Scammers are now utilizing “daepo phones,” which are cell phone numbers created using stolen credentials, along with popular chat apps like KakaoTalk and Telegram to carry out virtual asset-related crimes. Police authorities have vowed to fight back against these cybercriminals and protect citizens from falling victim to crypto scams and phishing attacks.
Reports have indicated that phishing attackers in South Korea are not only targeting crypto users but also credit card users, driving victims to fake crypto exchanges and wallet platforms. These attackers aim to deceive individuals into providing sensitive information that can lead to financial losses. The prevalence of phishing attacks involving cryptocurrencies has prompted regulatory agencies to issue warnings and advise caution when dealing with virtual assets. As the crypto market continues to attract more investors and traders, the risk of falling victim to scams and fraudulent schemes remains a concern, highlighting the importance of staying vigilant and safeguarding personal information when engaging in crypto-related activities.
