South Korea to tighten crackdown on crypto scammers

South Korea is upgrading its system for monitoring phishing activity related to cryptocurrencies. Yonhap reports, citing the Ministry of Information and Communications Technology.

Over the last three months of 2021, the National Police Agency (KNPA) blocked 31 malicious websites. By comparison, authorities uncovered 41 such portals in all of 2020.

The ministry will bolster the 24/7 monitoring system and work closely with the KNPA. This should enable the prompt blocking of phishing sites.

According to the report, police are investigating 21 cases of unauthorized access to user accounts on cryptocurrency exchanges.

Earlier, South Korea’s leading trading platforms announced a joint initiative to combat potential scam schemes.

In April 2021, local regulators tightened controls over illicit transactions in digital assets.