Cronix
Immersion Expert
LEVEL 1
300 XP
HI Guys
Edited by honeyman1, 06 December 2024 - 05:22 PM.
- In 2017, South Korean authorities exposed one of the most notorious fake cryptocurrency exchanges. BitKRX was named to look like the cryptocurrency arm of the legitimate and largest financial trading platform in the country, Korea Exchange (KRX) — a common technique for fake exchanges trying to establish legitimacy quickly.
- Based on public goodwill towards KRX, BitKRX was able to lure investors who believed BitKRX was run by KRX. But when clients who thought they had purchased BTC tried to access their funds, they discovered their money had vanished.
- Authorities also arrested two men behind Komid, another South Korean exchange, who were scamming investors from the start. Their scheme entailed luring customers to purchase cryptocurrencies, and disseminating false information about token listings. Following this, the third-largest cryptocurrency exchange in South Korea, Coinbit, was seized by police, as reports found that 99% of its transaction volume was faked.
- In another crypto scam discovered by a joint investigation in the Netherlands and Britain, six people were arrested for creating a fake online cryptocurrency exchange, which duped more than 4,000 victims in 12 countries out of an estimated $27 million USD in crypto. Scammers were able to access bitcoin wallets by “typosquatting,” which relies on accidental typos or domain errors entered by a user. The victim is then directed to a fake website that’s made to look like the legitimate site the user intended to access. This fake website’s address may have only one letter that’s different from the authentic exchange, a small detail that’s easy to overlook.
Edited by honeyman1, 06 December 2024 - 05:22 PM.