Fake SNS and Email Impersonating Cryptocurrency Exchange Upbit Appear... Investors Beware of Scams

[Asia Economy Reporter Lee Jung-yoon] Cases of impersonating the domestic cryptocurrency exchange Upbit through social networking services (SNS) and email have emerged, requiring caution.

According to Upbit on the 16th, a major case involves impersonating Upbit on Telegram to propose trading support to cryptocurrency project teams and demanding compensation in exchange for guaranteeing trading support.

In response, Upbit stated, "We only accept inquiries about trading support through official trading support channels and never propose trading support or demand compensation in exchange for trading support via SNS or email."

Additionally, cases have been confirmed where users are induced to deposit cryptocurrency under the pretext of participating in events on Twitter or are led to phishing sites to encourage membership registration.

Other methods include impersonating Upbit executives to provide false information about future trading support plans to induce the purchase of specific cryptocurrencies, and guiding users to phishing sites by notifying them of member information changes through spoofed emails.

Upbit explained, "We do not solicit investment or provide investment advice on any specific digital assets by any means," adding, "We inform customers about revisions to the privacy policy through notices on the customer center, and we do not request members to modify their personal information via email."

They continued, "We operate a reporting channel for trading support fraud, so if you receive proposals for trading support or requests for compensation in exchange for trading support from individuals impersonating Upbit executives via SNS, email, etc., please report it."