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>>Ethereum-related scams have recently targeted the South Korean crypto community.

Ethereum-related scams have recently targeted the South Korean crypto community.

crypthub

1/24/2025, 11:53:35 AM

Ethereum-themed Scam Targets South Korean Crypto Users

South Korean crypto users have fallen victim to a sophisticated Ethereum-themed scam, with reports emerging on May 21st. The scammers sent text messages warning token holders that their ETH coins would be "burned" unless they took immediate action. This alarming tactic mirrors increased police and regulatory scrutiny of virtual asset-related cybercrimes in the country.

Scam Tactics and Awareness

The scammers cleverly utilized technology to bypass spam filters, with messages purporting to come from a global cryptocurrency exchange, Bit-Finance. They claimed that due to long-term inactivity, users' Ethereum holdings were at risk of being burned on May 22nd. The message urged recipients to withdraw their funds swiftly, creating a sense of urgency and fear among the crypto community.

Phishing Attempts and Threats

One user shared a screenshot of the scammer's threat, which included burning 54.5 ETH if the recipient failed to respond. The associated link directed users to a phishing site designed to extract sensitive wallet details and passwords. This highlights the dangerous consequences of such scams, as users risk losing their crypto assets permanently.

The Growing Crypto Scams in South Korea

The rise in Ethereum-themed scams is attributed to South Korea's booming crypto market. The National Police Agency reported a significant increase in cyber fraud cases, with virtual asset-related crimes accounting for nearly 40% of the total last year. This year, citizens have filed over 2,200 reports with the Financial Supervisory Service due to financial losses incurred from crypto scams.

Exploiting Market Sentiment and Phishing Techniques

Police experts suggest that scammers are capitalizing on the positive market sentiment and increased trading volume in South Korea's crypto space. They employ disposable phone numbers created with stolen credentials, a tactic also used in previous credit card and crypto scam campaigns, to avoid detection and enhance their deceptive efforts.