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Seoul to Crack Down Crypto Phishing Websites

  • South Korean authorities increased monitoring of crypto-related phishing activity.
  • The market price rise has led to a huge number of phishing attacks targeting investors.

South Korean authorities increased monitoring of crypto-related phishing activity. In addition, the government has found information on many websites that try to get the login activities of crypto users. In just three months, more than 30 sites have taken down.

Seoul Builds Strong Crypto Phishing Scams Monitoring

The Market price rise has led to a huge number of phishing attacks targeting crypto investors and users in Seoul. However, the Seoul government announced that it is building a strong monitoring system to detect threats. Added to this, it will work closely with the Korean National Police Agency (KNPA) to prevent fraud.

According to the Korean Ministry of Science and Information and Communications Technology, the number of reports on phishing attacks is increasing every day. More so, the attacks mostly happen through text messages asking crypto users to enter their username and password on fake websites. In order to access their accounts and get their holdings. In the past three months, the department blocked 32 phishing websites, according to a Yonhap News Agency report.

KNPA Investigates Breached Crypto Accounts

Since March, the National Police Agency has opened its way against crypto fraud. Moreover, KNPA now investigates 21 cases of breached crypto users’ accounts. Recently, the agency prohibited its investigators from acquiring crypto and obliged them to disclose any coins bought before the ban.

A recent report revealed that South Koreans have more access to trading platforms than Japan and the US. According to CoinGecko, the BTC price is $59,108.36 with a 24-hour trading volume of over $66 billion at the time of writing. This high price and trading volume of Bitcoin attracts and increases illegal activities involving digital assets.

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Alyssa Wiselin

Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.

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