"Don't Trust 30% Coin Discount Buys"... Coin Scam Alert

Deceived by Forged Documents... Fake Coins Sent After Money Transfer

On the 11th, as the U.S. Securities and Exchange Commission (SEC) approved the listing of a Bitcoin spot exchange-traded fund (ETF), Bitcoin prices rose and were displayed on the electronic board at the Bithumb Customer Support Center in Gangnam-gu, Seoul. Photo by Jinhyung Kang aymsdream@

# Mr. A received an investment solicitation from a company through SNS, claiming to sell the well-known B coin listed on a major domestic exchange at about 30% of the current market price. The company explained that B coin is also scheduled to be listed on another major domestic exchange, but due to unavoidable reasons, they are offering additional quantities at a discounted price on the condition of holding them for a certain period.

They also showed a forged document that appeared to be a payment guarantee (commitment) to reassure him. Since B coin must be transferred using the coin’s mainnet network during deposits and withdrawals, the company instructed Mr. A to create a personal wallet to receive B coin, claiming they were using a network unrelated to the mainnet. Trusting this, Mr. A transferred the investment funds and received a coin named B, but it was a 'fake' coin with only the name in common.

On the 14th, the Financial Supervisory Service (FSS) issued a consumer alert to prevent the spread of virtual asset-related investment fraud and advised not to be deceived by claims of selling virtual assets at prices lower than market value.

The FSS emphasized, "Investors should be aware that there is a new type of fraud involving the sale of 'fake' coins that share the name with well-known coins already listed on exchanges but use different network protocols, and forcibly reclaim and burn them."

If coins received in a personal wallet are forcibly reclaimed by the issuer, tracking them may be difficult, so investors should not be complacent just because coins have been transferred to their wallet.

The FSS added, "Investment solicitations accompanied by claims of having signed over-the-counter supply contracts or presenting payment guarantees are highly likely to be fraudulent," and warned, "Be cautious of acts that intentionally present forged guarantees to reassure investors."

If you suspect virtual asset investment fraud similar to the consumer alert content, you can report it through the FSS website or dedicated consultation hotline.

This content was produced with the assistance of AI translation services.