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Upbit Returns $1.96 Million to 72 Victims of Phishing Fraud

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On March 3, Dunamu, the parent company of Upbit, announced that in 2022, Upbit returned about 2.558 billion won (about 1.96 million US dollars) to 72 victims o…

Upbit Returns $1.96 Million to 72 Victims of Phishing Fraud

On March 3, Dunamu, the parent company of Upbit, announced that in 2022, Upbit returned about 2.558 billion won (about 1.96 million US dollars) to 72 victims of phishing fraud. Dunamu said that before the implementation of the Telecom Fraud Damage Compensation Law, Upbit had taken active measures to prevent crimes related to digital assets and protect users. Upbits are doing their best to prevent phishing fraud by upgrading the fraud transaction detection system (FDS) and strengthening the deposit and withdrawal monitoring system.

Upbit parent company: returned more than 2.5 billion won to the victims of telecommunications fraud in 2022

Interpretation of the news:


Dunamu, the parent company of South Korea’s largest cryptocurrency exchange Upbit, announced that it had returned about 2.558 billion won ($1.96 million) to unsuspecting victims of phishing fraud. The compensation was made to 72 affected users of the platform who fell for phishing scams in 2022. Dunamu revealed that the compensation was part of the company’s efforts to protect its users and prevent crimes related to digital assets.

Upbit has taken active measures to prevent phishing fraud and protect its users. Before the implementation of the Telecom Fraud Damage Compensation Law, it had already started upgrading its fraud transaction detection system (FDS) and deposit and withdrawal monitoring system. These efforts were designed to help track and prevent phishing scams that could cost the platform’s users a great deal of money.

The phishing scam is one of the most frequently reported cybercrimes and is a major issue for cryptocurrency exchanges worldwide. Cybercriminals use fake websites and fake emails to deceive people into providing their private keys or other sensitive information. Once the hackers have the information, they can use it to transfer funds out of the victim’s account.

Upbit’s payment of compensation and implementation of measures to protect users shows the company’s commitment to creating a safe and secure platform for cryptocurrency trading. The company’s proactive approach to detecting and preventing phishing attacks sets it apart from other exchanges that simply expect their users to protect themselves.

In conclusion, Dunamu’s recent announcement of compensation for phishing victims shows that Upbit is taking steps to create a safer and more secure platform for digital asset trading. With the rise in phishing scams, it is critical that companies like Upbit take proactive measures to protect their users. By doing this, they can build trust with their customers and contribute to the overall growth of the cryptocurrency sector.

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