Joint Promotion in Collaboration with Virtual Asset Exchanges
#. Mr. Kim was encouraged to invest by Company A, which claimed to be selling B Coin, a well-known cryptocurrency listed on major domestic virtual asset exchanges with a large market capitalization, at about 30% of its market price through social networking services (SNS) and other channels. Company A explained that B Coin was scheduled to be listed on other major domestic virtual asset exchanges as well, but there was a requirement to increase the circulating supply for the listing on these exchanges, so they were supplying the additional volume. Believing this, Mr. Kim transferred funds to the account, and coins under the name of B Coin appeared in his virtual wallet. However, these were fake coins with only the name in common, and by the time he realized this, the selling company had already disappeared.
As virtual asset investment fraud cases have become rampant, the Financial Supervisory Service (FSS) announced on the 29th that it will collaborate with DAXA (Digital Asset Exchange Joint Council) to launch a promotional campaign.
First, they will produce a short-form series representing typical types of investment fraud. Using animated characters, five cases of investment fraud will be created. Currently, the first episode, "The Trap of Fake Coin Exchanges," and the second episode, "Investment Proposal from an SNS Friend, Is It a Romance Scam?" have been completed.
In collaboration with 'Geumjumeoni TV,' they will also produce educational YouTube videos for investors on precautions when investing in virtual assets. FSS staff will appear in person to introduce episodes based on actual damage cases and explain fraud methods and precautions in a talk show format.
Among the reports received at the reporting center, seven major cases will be selected and compiled into "Seven Cases of Virtual Asset-Linked Investment Fraud," which will guide investors on precautions and prevention methods. Representative cases include △Unregistered virtual asset exchanges (sending links, etc.) △Coins scheduled for listing (use of forged documents) △Sale of locked-up coins (request to form personal wallets) △Auctions using virtual assets △Leading rooms and proxy trading △Impersonation of legitimate virtual asset exchanges (use of similar domain addresses) △Fake coins with names identical to famous coins.
The booklet will be distributed mainly to elderly and vulnerable groups with low online accessibility. The e-book (electronic file) will be posted on the Financial Supervisory Service and DAXA websites and shared with related organizations. Of the total 1,000 printed copies, 700 will be distributed to senior welfare centers, employment support centers, and metropolitan local governments nationwide. The remaining 300 copies will be used by the FSS, DAXA, and exchanges for investor education and other purposes.
To allow virtual asset investors to check investment-related precautions and other information in one place, an integrated information board called 'Self-Regulation Integrated Information' will be established on the DAXA website. This will enable one-stop access to key information such as investor education videos, press releases, and legal information.
In particular, the status of virtual asset business operator registrations, lists of virtual assets supported for trading, and reporting and tip-off channels related to virtual assets scattered across various institutions and exchanges will be organized for unified inquiry.
The FSS will send promotional content to DAXA and five won-based market operators (Gopax, Bithumb, Upbit, Korbit, Coinone) to request their cooperation in promotion. The FSS will also post the content on its official SNS channels.
The FSS stated, "We will continue to work with the industry to prevent damage to virtual asset investors and actively respond to illegal activities such as unfair virtual asset trading."
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