Home » Spike in Crypto Scams Focusing on Younger Korean Girls

Spike in Crypto Scams Focusing on Younger Korean Girls

by CoinVeem

A young woman sits, holding a mobile phone, and speaks to a caller whose identity is shown as “unknown.”
Supply: Kannapat/Adobe

There was a spike in South Korean crypto scams that focus on younger ladies on social media platforms, a brand new examine has revealed.

Per iNews24 and Hanguk Kyungjae, the examine revealed that 71% of “romance rip-off victims” ensnared through social media in 2022 have been ladies.

The overwhelming majority of those ladies have been “aged 39 or beneath.”

Nearly 63% of those “romance scams” made use of crypto, pretend cash, pretend overseas trade transfers, or bogus token buying and selling platforms.

The info was compiled by a postgraduate scholar on the elite Korea College and used information from current police studies.

Most scammers seem to utilize Instagram, the examine confirmed.

Many scammers are additionally making use of relationship apps like WIPPY (14%) and Tinder (7%).

The examine discovered that social media-based scammers are presently making off with virtually half 1,000,000 USD value of fiat and crypto a month.

However this determine doesn’t take into consideration scams that go unreported.

A chart showing Bitcoin (BTC) prices versus the South Korean won over the past 12 months.
Bitcoin (BTC) costs versus the South Korean gained over the previous 12 months. (Supply: XE.com)

Crypto Scams Goal Younger Korean Girls – The Scammers’ Strategies

The examine examined information from 280 instances reported to police companies within the first half of 2022.

However police seem involved that crypto-related scams are on the rise in South Korea.

They’ve responded by forming special crypto scam-fighting departments and investing in crypto-specific coaching for officers.

Typical “romance rip-off” crypto fraud strategies embody “asking victims to assist” trade cash or fiat utilizing bogus platforms.

Different fraudsters try to dupe younger, predominately feminine victims by convincing them that they will earn straightforward cash by investing in bogus altcoins.

Some try to idiot victims by claiming they want cash to pay for medical prices.

Others declare to be marooned abroad and in pressing want of funds.

Earlier this yr, the regulation expertise developer and safety supplier Uppsala Safety claimed that South Korean scammers are actually making an attempt to lure the users of dating apps onto fake crypto mining platforms.

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