Upbit Refunds 8.5 Billion KRW to About 380 Voice Phishing Victims

Following Last Year's 5 Billion KRW, 3.5 Billion KRW Refund This Year

Virtual asset exchange Upbit announced on the 22nd that it has refunded approximately 8.5 billion KRW to about 380 victims of voice phishing (telecommunication financial fraud).

Dunamu, the operator of Upbit, uses a real-time Fraud Detection System (FDS) to prevent abnormal transactions such as voice phishing and freezes the victim's funds.

To refund the frozen voice phishing victim funds, Dunamu signed a Memorandum of Understanding (MOU) with the Phishing Crime Investigation Unit of the Seoul Metropolitan Police Agency's Criminal Mobile Unit in September last year, establishing a mutual cooperation system.

With the cooperation of the police, Dunamu identifies victims who were unaware of or did not report voice phishing incidents and returns their assets. Through this effort, about 24.6 billion KRW was returned to approximately 246 people in February, and an additional 3.5 billion KRW was refunded to about 134 people on this day.

A Dunamu official stated, “Thanks to the active investigative cooperation of the Seoul Metropolitan Police Agency and Upbit’s meticulous FDS monitoring, we were able to protect users’ valuable assets from voice phishing,” adding, “As enthusiasm for virtual asset investment remains high, we will do our utmost to protect users’ assets.”

Meanwhile, Upbit has advanced its system by introducing artificial intelligence into the FDS and is also operating a dedicated call center for financial accidents.