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SIM Swaps, Other Crypto-related Crimes Set to Rise in South Korea, Says SK

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A South Korean telecommunications giant has claimed that SIM swap-type crypto attacks are on the rise in the country – and has predicted a rise in all crypto-related crime cases in the second half of 2022.The claims were made by SK Shieldus, part of the SK Group, which owns SK Telecom – one of the nation’s two biggest mobile and internet carriers.

SK Shieldus, formerly ADT Caps, is one of the nation’s biggest physical and internet security brands.Per News1, the company stated that as of January this year, the company had seen evidence of SIM swap attacks taking place – with criminals specifically targeting mobile phone users who have crypto holdings.The firm added that this trend would likely continue upward in the months ahead, and added that a recent attack on a domestic decentralized finance (DeFi) protocol had seen criminals make off with some USD 1.7 million.Furthermore, the company added that notorious ransomware groups were carrying out “re-branding” efforts in an attempt to avoid the attention of investigative authorities.

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