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South Korea Clamps Down on Phishing Activity Targeting Crypto Investors: Report

South Korea's Ministry of Science and ICT reports there has been a surge in phishing attempts targeting cryptocurrency users.

May 10, 2021 at 4:35 p.m. UTC
Updated Sep 14, 2021 at 12:53 p.m. UTC

South Korea is working with the Korean National Police Agency to strengthen its monitoring system against cryptocurrency-related phishing websites, according to a Yonhap report.

  • South Korea's Ministry of Science and ICT said there has been a surge in reports of phishing attempts that ask cryptocurrency users to share their passwords in order to gain access to their accounts.
  • The ministry said it has found and blocked a total of 32 phishing websites targeting cryptocurrency investors in the past three months, compared with a total of 41 websites found in 2020, reports the publication.
  • Phishing attacks are becoming increasingly sophisticated, with criminals creating emails that resemble official company correspondence to target people online.
  • They rely on people making a mistake and clicking on a link that could compromise their security. One example of a phishing website is “www.bithnub.com” which is similar to the address of the South Korean cryptocurrency exchange Bithumb, “www.bithumb.com.”
  • The Korean National Police Agency said it has been cracking down on phishing websites since the start of March. As of May 4, the police are investigating 21 cases involving individuals accessing other users' cryptocurrency accounts.

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