South Korean Crypto Exchanges Blocked $82m Worth of Romance Scam Transactions in 2023
South Korean crypto exchanges say they blocked over $82 million worth of transactions linked to romance scams last year.
Per Seoul Shinmun, the crypto exchange Coinone claimed catfishing and other romantic scams that make use of crypto were now “rampant” in South Korea.
Coinone said that it had halted over $2.6 million worth of romance scam-linked trades. The firm said it used an “abnormal transaction detection system” and “24-hour monitoring” network to protect customers.
The announcement comes days after a warning from the Financial Supervisory Service (FSS).
On January 22, the FSS claimed that there had been a rise in crypto-related scams on social media sites.
The regulator told the public to beware of romance scammers. The FSS also warned of the dangers of unsolicited investment-related “recommendations and advice.”
And the regulator said that the public should be “particularly” wary of “people of the opposite sex or strangers who say they will help with investment.”
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