Swindling Tens of Millions Won Through "Free Financial Management Lectures"
Warning: Beware of Fake Virtual Asset Exchange Scams
# In January, Mr. A saw an advertisement on Instagram offering free access to rapidly rising stocks. After sending the number 777 to the provided link, he was invited to a Telegram group chat run by a self-proclaimed Professor Lee. Mr. A attended a free financial management lecture, which promised support funds simply for attendance, every day for four months. Over time, he came to regard Professor Lee as an expert. Later, he was told that if he registered with B Virtual Asset Exchange?which claimed to have obtained a virtual asset exchange license in the United States?he could earn high returns through coin futures trading. He signed up for the exchange, and the website displayed what appeared to be profits of hundreds of millions of won, which further increased his trust. However, in early May, a sudden change in coin prices resulted in losses and forced liquidation. He was told that his account was now negative and that he needed to deposit 90 million won. He transferred the money but has not been able to recover it.
On June 1, the Financial Supervisory Service warned that scams are spreading on social networking services (SNS) such as Instagram and Telegram, where fraudsters lure investors with offers like "free rapidly rising stocks," then induce them to sign up for fake virtual asset exchange websites and swindle large sums of money.
The main characteristic of these scams is that the perpetrators, claiming to be professors, provide bogus financial management lectures for an extended period (about four months) and build trust with investors by offering tens of thousands of won in cash or fake coins simply for attendance.
In addition, the scammers are using increasingly sophisticated and elaborate techniques, such as presenting fake certificates and distributing false online news articles, so extra caution is required.
The Financial Supervisory Service warned that if someone approaches you offering free financial management lectures, attendance incentives, or rapidly rising stocks, you should suspect a scam. In particular, you should never engage in any transactions with entities that attempt to induce you to sign up for fake virtual asset exchanges via Telegram or similar platforms.
The agency also emphasized that you should never transfer money to unverified companies or personal accounts, and that virtual asset service providers not registered with the Financial Intelligence Unit are highly likely to be fraudulent exchanges. Therefore, you must always check whether they are properly registered.
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