South Korea
Digital Asset
FSS Warns: "Beware of 'Fake Chain' Scams Impersonating Well-Known Crypto Exchange Blockchains"
- The FSS (Financial Supervisory Service) issued a 'caution'-level consumer alert on October 22 titled "Beware of fake-chain scams impersonating well-known crypto exchanges' blockchain networks."
- The trigger was a real incident in which fraudsters cloned GIWA, a blockchain network Dunamu (Upbit's operator) is developing, ahead of its official release, to deceive and steal from users.
- The FSS cautioned that on-chain crypto fraud allows funds to be transferred and stolen within minutes to hours, given the ultra-fast nature of blockchain transactions.