- Upbit’s Fraud Detection System successfully recovered $6.07M for 380 victims of voice-phishing scams.
- The exchange continues to combat growing crypto fraud by combining advanced tech with police cooperation.
- Upbit’s efforts emphasized the importance of international collaboration to protect users and prevent crypto theft.
Upbit, South Korea’s biggest cryptocurrency trading platform, has recovered 8.5 billion won ($6.07 million) for 380 victims of voice-phishing scams. Employing its ‘Fraud Detection System’ (FDS) and collaborating with the Seoul Metropolitan Police, it blocked fraudulent transactions and recovered stolen funds. The lost funds were returned to the affected users.
The accomplishment shows the exchange’s dedication to safeguarding customer funds in the face of increased cryptocurrency fraud.
Upbit’s Continued Commitment to User Protection
This refund marks another significant milestone in Upbit’s efforts to protect users amid rising crypto scams. Earlier this year, the exchange returned 5 billion won for 246 victims of similar fraud. On November 22, it refunded an additional 3.5 billion won ($2.7 million) to 134 victims. A Dunamu official, which operates Upbit, emphasized the importance of combining technology with police cooperation to safeguard users.
Fighting Crypto Scams with Technology and Collaboration
Upbit’s proactive actions set a strong example for other exchanges dealing with growing fraud risks. Upbit has implemented advanced systems to detect and block fraudulent transactions as crypto scams increase. Its use of technology, along with cooperation with the police, plays a key role in protecting users. These measures showcase how the crypto industry can address fraud through innovation and collaboration.
Lazarus Group Hack Still a Concern
Upbit continues to deal with the aftermath of the 2019 Lazarus Group hack, which North Korea backed. This cybercrime group had stolen 342,000 ETH worth 1.4 trillion won at the time. Despite extensive investigations, it only recovered 4.8 Bitcoin from a Swiss exchange. The stolen Ethereum was laundered through 51 exchanges across 13 countries, with North Korean-controlled platforms being involved. This highlights the growing threat of crypto theft to the global market.
Upbit’s actions show how the crypto industry can fight fraud and protect user assets. These efforts call for enhanced security measures and stronger international cooperation to tackle crypto crime.
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