South Korean Crypto Community Targeted by Ethereum Themed Scam

CryptoSlate

With an Ethereum-themed scam, scammers are targeting users in South Korea, crypto holders in the country stated.

The South Korean media outlet shared, that fraudsters are sending alarming text messages to users of smartphones, warning them of their Ethereum tokens that they will be "burned" if they don't act fast.

Authorities and law enforcement claim that "cybercrime relating to virtual assets" is "on the rise," coinciding with the swindle.

Online forums were used by members of the cryptocurrency community to alert other token owners about a "phishing text message" that was going around.

Some users warned that fraudsters use technology allowing their messages bypass spam filters.

Some of the text messages assert to be from Bit-Finance, a global crypto exchange.

Crypto users are informed by the messages to withdraw their holdings as soon as possible in order to avoid losing their assets.

The messages alert that because of the long-term of inactivity by the holders of the tokens, their Ethereum holdings will be burned.

According to the media site, South Korea is seeing a rise in "cyber fraud using real virtual assets."

The National Police Agency reported last year that during the year, it had handled 167,688 cases of cyber fraud. When compared to 2022 data, that is a 7.68% increase.

Several reports are filed by the citizens to the regulatory Financial Supervisory Service this year from January to April.

The victims claimed to have lost funds to crypto scammers.

Follow @haveyoursay

x.com/itshaveyoursay

Posted Using InLeo Alpha