Crypto Exchange Closure Scams Surge as Investors Lose Millions
CryptoNewsTerminal Staff05 Sep, 2024
Crypto Exchange Closure Scams Surge as Investors Lose Millions
Financial News reports a rise in fraudulent cases against investors as virtual asset service providers (exchanges) increasingly cease operations. These scams often involve fake exchange sign-ups, inducing victims to withdraw assets and then extracting cash under the pretense of withdrawal fees before disappearing. For example, false messages like "The customer has 58 ETH (worth 190 million won) on the exchange" are being sent along with the real-time ETH price. Search terms on Naver like "burn," "deletion notice," "refund," and "deletion scheduled" indicate widespread spam messages targeting ETH holders.
