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Virtual Asset Fraud in South Korea: Insights from CIRC Statistical Report 2022

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It is reported that the Cryptographic Incident Response Center (CIRC) of Uppsala Security, an expert of the blockchain virtual asset supervision technology (Re…

Virtual Asset Fraud in South Korea: Insights from CIRC Statistical Report 2022

It is reported that the Cryptographic Incident Response Center (CIRC) of Uppsala Security, an expert of the blockchain virtual asset supervision technology (RegTech) in South Korea, recently released the CIRC statistical report for 2022. Based on the opinions received directly from the victims of virtual asset crime in South Korea, the report provides valuable insights into the trend and impact of these events in the country. The report shows that in 2022, Uppsala Security received about 500 reports of virtual asset fraud, resulting in a total loss of 52.4 billion won. Among the affected tokens, Ethereum (ETH) and ERC-20 tokens “are the most affected, followed by Bitcoin (BTC). The most common type of fraud” is love based fraud, accounting for 30% of the reported events, followed by the private key disclosure of cryptocurrency wallet (22%), and the last but not the least important is ICO investment fraud (17%).

Uppsala Security publishes the report of the virtual asset damage response center

Interpretation of the news:


The Cryptographic Incident Response Center (CIRC) of Uppsala Security, an expert in blockchain virtual asset supervision technology (RegTech) in South Korea, has recently released its statistical report for 2022. The report provides valuable insights into the trend and impact of virtual asset fraud in the country based on the opinions received directly from the victims. According to the report, Uppsala Security received about 500 reports of virtual asset fraud in 2022, resulting in a total loss of 52.4 billion won.

The report highlights that Ethereum (ETH) and ERC-20 tokens were the most affected virtual assets, followed by Bitcoin (BTC). The most common type of virtual asset fraud reported was love-based fraud, accounting for 30% of the incidents, followed by private key disclosure of cryptocurrency wallet (22%), and ICO investment fraud (17%).

Love-based fraud is a form of romance scam where fraudsters use online dating or social media platforms to trick individuals into sending them virtual assets. Private key disclosure of cryptocurrency wallet involves revealing the private key, which is crucial for accessing or transferring virtual assets, to a third party. ICO investment fraud refers to scams where fraudsters persuade investors to invest in fake or non-existing blockchain projects.

South Korea is a hub for virtual asset trading, with a substantial population of retail investors. Therefore, it is vulnerable to fraud and other virtual asset-related crimes. The report sheds light on the need to enhance measures to prevent virtual asset fraud, such as educating the public, improving regulatory frameworks, and strengthening security measures.

In conclusion, the CIRC statistical report for 2022 provides a comprehensive understanding of virtual asset fraud in South Korea. It reveals that love-based fraud, private key disclosures, and ICO investment scams are the most common types of virtual asset fraud, and Ethereum and ERC-20 tokens are the most affected. The report underscores the importance of implementing concrete measures to prevent virtual asset fraud and protect investors from the risks of virtual asset trading.

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