CryptoMediaClub
Wednesday, July 30, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

South Korean Crypto Chat App Channel Scams on the Rise, Warn Police

22.02.2024
A A
0
129
VIEWS
ShareShare

South Korean crypto scammers are targeting chat app users on trading- and investment-themed channels, police warned on February 21.

Per News1 and Daejon Ilbo, the Sejong South Police Station announced it was investigating multiple cases.

The agency said that it had “received about 20 reports” from people in the city. Citizens said they had been “deceived by false or exaggerated claims” in so-called investment “reading rooms.”

South Korean Crypto ‘Reading Rooms’ Now ‘Rife’ with Scammers?

South Korea’s retail crypto market is large and highly active. Investors regularly congregate online in chat app channels often labelled “reading rooms.”

Most use apps such as Telegram and its channels function, as well as KakaoTalk’s Open Chat feature.

Cryptonews.com has seen hundreds of crypto-themed chat rooms on KakaoTalk, some of which have up to 1,500 members. Smaller channels also have hundreds of members.

Most of these channels are populated by traders talking about the future of BTC and popular altcoin prices. Some others are entirely dedicated to little-known, low-cap tokens or obscure trading platforms.

Upon visiting some of these rooms, Cryptonews.com was able to spot what appeared to be posts from obvious scammers promising “guaranteed monthly gains.”

Some of these prompted channel group members to send them direct messages (DMs) for further details.

In some cases, messages – possibly from potential scammers – appear to have been deleted by channel moderators, with members removed.

Other, smaller rooms claimed to be run by expert traders who were willing to share their investment secrets.

The Sejong South Police Station.
The Sejong South Police Station. (Source: KBS Daejeon News/YouTube)

‘Crypto Scammers’ Also Active on YouTube?

Police said many victims “joined investment reading rooms” after “seeing false and exaggerated advertisements on YouTube.”

These include promises of “guaranteed returns of at least 500% on initial stakes” and talk of “advanced crypto trading tips.”

Officers said that many “reading room” operators offer free services. But they often “later encourage people to join [paid] VIP member rooms.”

Those who do so are inevitably prompted to “deposit large amounts of money” on unlicensed crypto exchanges.

Scammers then “reassure” their “victims” that profits will soon be forthcoming, police said.

But, officers explained, these scammers then unfailingly “either disappear or refuse to return their victims’ money.” A police official said:

“There is no such thing as a financial investment that can produce high returns while guaranteeing the initial stake. ‘Crypto reading room’ members must always be suspicious of potential fraud.”

Bithumb Korea, the operator of the country’s No. 2 cryptocurrency exchange Bithumb, has failed to seal a deal with major local lender KB Kookmin Bank for issuance of real-name accounts, jeopardizing its plan to attract more traders.https://t.co/7nuvJj42Xo

— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) February 16, 2024

In December 2023, police in Busan said they had shut down a $32 million chat app-based crypto scam ring run by a network of “gangsters.”

Officers said that nine groups of “violent gangsters” operated such “crypto reading room” sites on chat app platforms.

Police made 87 arrests, and said that the gang duped 572 people “nationwide” to invest in bogus South Korean crypto sites.

The post South Korean Crypto Chat App Channel Scams on the Rise, Warn Police appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

South Korean Central Bank Unveils New ‘Cryptoassets Department’
All news

South Korean Central Bank Unveils New ‘Cryptoassets Department’

30.07.2025
0

South Korea’s Central Bank has announced it will reorganize its structure to include a “cryptoassets department” as a wave of...

Read moreDetails
Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

30.07.2025
ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

29.07.2025

Billionaire Calls for Buying More Bitcoin as U.S. Debt Spirals – Best Wallet Automates the Strategy, ICO Hits $14.3M

29.07.2025
SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

29.07.2025
Load More
Next Post
Why Finland Could be Europe’s Next Crypto Mining Giant

Why Finland Could be Europe’s Next Crypto Mining Giant

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

1 month ago
Celsius Exec Sentencing Delayed as Alex Mashinsky Strikes Deal with US Prosecutors

Celsius Exec Sentencing Delayed as Alex Mashinsky Strikes Deal with US Prosecutors

8 months ago
ApeCoin Traders in Worry as APE Hits All-Time Low

ApeCoin Traders in Worry as APE Hits All-Time Low

2 years ago
Subway-themed trading bot makes millions using ‘sandwich’ attacks

Subway-themed trading bot makes millions using ‘sandwich’ attacks

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

StanChart predicts corporates will control 10% of Ethereum supply over time

Billionaire Calls for Buying More Bitcoin as U.S. Debt Spirals – Best Wallet Automates the Strategy, ICO Hits $14.3M

SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

Interactive Brokers Considers Launching Its Own Stablecoin

The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

Trending

BlackRock says clear US rulebook turns stablecoins into payment method of the ‘future of finance’
Analysis

BlackRock says clear US rulebook turns stablecoins into payment method of the ‘future of finance’

30.07.2025
0

BlackRock stated that stablecoins now sit at the heart of the “future of finance,” and the recently...

South Korean Central Bank Unveils New ‘Cryptoassets Department’

South Korean Central Bank Unveils New ‘Cryptoassets Department’

30.07.2025
Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

Crypto Price Prediction Today 29 July – XRP, Cardano, Shiba Inu

30.07.2025
ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

ChatGPT’s 28-Indicator XRP Analysis: 95% ETF Odds Ignite Battle Over $3.11 Support Line

29.07.2025
StanChart predicts corporates will control 10% of Ethereum supply over time

StanChart predicts corporates will control 10% of Ethereum supply over time

29.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz