Ethereum themed scam targets on the South Korean Crypto community. On May 21, token holders in South Korea raised alarms about a surge in phishing attempts.
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Ethereum Themed Scam Targets
Fraudsters are targeting South Korean crypto users with an Ethereum themed scam , according to local reports. Asia Time, a South Korean media outlet, reported that scammers have been sending alarming text messages to smartphone users, claiming their ETH coins will be “burned” on May 22 if they do not act immediately.
The scam, originating from fraudulent exchanges, comes amid increasing reports of cybercrime involving virtual assets. Police and regulators have noted a rise in such crimes. Members of the crypto community have taken to online platforms to warn others about the phishing text messages. One post cautioned, “You could easily fall for it, so be careful.”
Ethereum Price Surge Amidst Scam Warnings
On Monday, Ether (ETH) prices soared as traders speculated on the approval of Ethereum ETFs by the SEC. ETH was trading at gains exceeding 10%, reaching the $3,400 region. However, some warned that scammers use technology to bypass spam filters, making their messages appear legitimate.
https://coinmarketcap.com/currencies/ethereum/
Some of these deceptive messages claim to originate from a supposed “global cryptocurrency exchange” called Bit-Finance. The texts warn that due to the recipient’s “long-term inactivity,” their Ethereum holdings “will be burned on May 22.” Recipients are urged to make withdrawals immediately to avoid losing their funds and are directed to click on a link purportedly to safeguard their assets.
Community Response
Community members have posted warnings online, with one sharing a screenshot showing that the senders claimed a total of ETH 54.5 of their funds would be burned if they did not act. The included link leads to a phishing site designed to steal wallet details and passwords.
Increasing Cyber Fraud in South Korea
Asia Time reported that cyber fraud involving real virtual assets is on the rise in South Korea. Last year, the National Police Agency handled 167,688 cyber fraud cases, marking a 7.68% increase from 2022. Crimes using virtual assets accounted for 38.3% of these cases.
From January to April this year, citizens filed 2,209 reports with the Financial Supervisory Service, claiming financial losses due to crypto scammers. Of these cases, 17.7% were related to phishing attacks. The regulator has stated that crypto-themed phishing is rampant in South Korea.
Conclusion
To conclude, the surge in Ethereum themed scam targets South Korean crypto users highlights the growing sophistication of cybercriminals and the urgent need for increased vigilance. As phishing attacks become more prevalent, the crypto community must stay informed and exercise caution to protect their digital assets.
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