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South Korea to crack down on cryptocurrency phishing activity, Technology News

By on May 9, 2021 0

South Korea announced on Sunday that it would strengthen its surveillance system against cryptocurrency-related phishing websites by working with the National Police Agency amid recent spikes in virtual money prices.

The ICT ministry said there had recently been more and more reports of phishing attempts via text messages that lead cryptocurrency users to enter their exchange IDs and passwords on fake websites to steal them and access their accounts.

The ministry said it had found and blocked 32 such phishing websites in the past three months, compared to a total of 41 websites detected over the past year, the Yonhap News Agency reports.

Examples of such websites include www.bithnub.com, compared to the address of the local Bithumb cryptocurrency exchange – www.bithumb.com.

The ministry said it would strengthen its 24-hour surveillance system to quickly block these phishing sites.

The National Police Agency has also been leading a crackdown on phishing websites since early March this year.

As of May 4, police were investigating 21 cases, in which individuals had accessed the accounts of other cryptocurrency users and sold their assets.

The leading cryptocurrency Bitcoin topped $ 72,000 per unit in South Korea for the first time in mid-April. Virtual currency has since fallen, trading at around 67 million won on Friday, according to Bithumb.

Amid the price hike, South Korean financial authorities are also cracking down on illegal activities involving cryptocurrencies, such as money laundering, until June.

(With contributions from agencies)