Fake cryptocurrency trading platforms surface following the rise of prices
With cryptocurrencies rising, and Bitcoin breaking 15 million won, scamming has been on the rise. Fake Upbit websites According to Upbit, a domestic cryptocurrency exchange, numerous fake websites appear when Upbit is googled. Those scamming websites use a very similar URL to that of the authentic webpage. Visitors to those websites are only offered login function because their primary purpose is to collect the personal information. When they login to the messenger app Kakao Talk, personal information and login information are exposed. No clear solution The fake websites are advertised on Google. When specific key words are googled, ads about those websites appear at the top of the search list. Last month, they were reported to Google for the first time. After being suspended, they slightly changed the key words and they were back on the search results. This repetitive cycle has continued, and the effort to root out the websites hasn’t paid off. Around cases have been registered to Upbit and damages laimed. Why can’t Upbit always be at the top of the list? Upbit can’t be shown on the top of the search engine because it doesn’t have a license. To advertise cryptocurrencies or speculative financial products, the operator needs a license from authorities in their homes jurisdiction. But such system doesn’t exist in Korea. “We are expeditiously responding to this matter by contacting Google” said a spokesperson for Upbit. Upbit currently warns visitors about the fake websites. Jess’ note The rise of crimes followed by the sudden public interest isn’t a desirable phenomenon. Bithumb has sent a similar message to membersm a warning them to be careful of fake websites with URLs similar to Bithumb’s. The lack of the licensing system makes it hard to incorporate the cryptocurrency market with other institutions and systems.