Upbit Reveals Types of Listing Scams... Over 80% Involve 'Luring with False Listing Information and Then Disappearing'

Cases of Impersonating Upbit Employees or Leaking Listing Project Information Before Official Announcement

[Asia Economy Reporter Gong Byung-sun] Upbit, a domestic cryptocurrency exchange, has disclosed recent types of listing scams causing significant damage.

On the 26th, Upbit revealed a total of 61 reported cases from December last year, when the listing scam reporting channel was established, up to the present day.

More than 80% of the reports involved cases where false listing information was used to lure investments, followed by the perpetrators cutting off contact. The most common cases involved manipulating the prices of cryptocurrencies currently listed on exchanges by falsely announcing an upcoming Upbit listing, or soliciting investments by claiming a listing was imminent and causing damage through multi-level marketing. Many cases were also reported where investment funds were collected by announcing a listing, then intermediary sites or chat rooms were shut down.

The remaining 20% involved impersonating Upbit employees to propose listings and demand listing fees or leaking information about listing projects before official disclosure.

In response, Upbit disclosed nine types of suspicious listing scams to prevent damage to projects and investors: ▲Claiming an Upbit listing is certain on a specific date ▲Promising to multiply investments after a confirmed listing ▲Listing on other exchanges in advance for a future Upbit listing ▲Selling coins to only people in chat rooms at a cheap price before Upbit listing ▲Guaranteeing the price will multiply after Upbit listing ▲Claiming the coin is directly issued by Upbit ▲Pretending to be an Upbit employee offering help with cryptocurrency listings ▲Guaranteeing Upbit listing at a low cost ▲Claiming to be well acquainted with Upbit officials.

An Upbit official stated, “Upbit only accepts listing applications through the official website, does not charge listing fees, and only announces confirmed listings via notices. If investors encounter messages matching the above types offline or online, there is a high possibility of scams, so caution is required.”