Ethereum-themed Scam Targets South Korean Crypto Community
Fraudsters are targetting South Korean crypto users with an Ethereum-themed scam, token holders in the country said on May 21.
According to the South Korean media outlet Asia Time, scammers are sending alarming text messages to smartphone users, warning them that their ETH coins will be “burned” on May 22 if they do not act fast.
The scam comes as police and regulators report that “cybercrime relating to virtual assets” is “on the rise.”
Crypto community members took to online meeting places to warn fellow token holders that a “phishing text message” was circulating. One post warned:
“You could easily fall for it, so be careful.”
The Ether (ETH) price exploded higher on Monday as traders bet that the SEC will approve Ethereum ETFs as soon as this week following the emergence of rumors of a major SEC u-turn. ETH was last trading with gains of more than 10% in the $3,400 region. …https://t.co/nqEc2tAqhS
— Cryptonews.com (@cryptonews) May 20, 2024
Some warned that scammers use technology that allows their messages to bypass spam filters.
Some of the text messages claim to originate from a “global cryptocurrency exchange” named Bit-Finance.
The messages warn that “due to” token holders’ “long-term inactivity,” their Ethereum holdings “will be burned on May 22.”
The message informs crypto holders that they should “make withdrawals as soon as possible” to avoid losing their funds.
Recipients are prompted to click on a link that will help them understand the process and safeguard their funds.
One community member posted 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 link enclosed appears to navigate smartphone users to a phishing site, where scammers attempt to
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