FSS Warns of Surge in Fake Crypto Operators

FSS Issues Warning on Fraudulent Crypto Operators

The Financial Supervisory Service (FSS) has issued a warning to consumers regarding the rise of scams involving fraudulent cryptocurrency operators who are exploiting the recent closure of some crypto businesses.

The enforcement of the “Act on the Protection of Cryptocurrency Users” in July 2024 has led to the closure of several cryptocurrency businesses, and illegal operators are taking advantage of this situation to defraud unsuspecting individuals.

These scammers are sending mass spam messages claiming that cryptocurrency assets in dormant accounts will be “burned” due to the business closure, urging recipients to withdraw their funds immediately.

Victims are then directed to fake exchange websites, where they are tricked into paying fees or taxes under the pretext of converting large sums of cryptocurrency into cash. In some cases, the scammers repeatedly demand additional payments, ultimately cutting off all contact once the victim becomes suspicious.

The FSS advises consumers to verify withdrawal procedures for closing cryptocurrency businesses through the official websites of these operators and to avoid clicking on links in spam messages or social media posts. The FSS also cautions against transferring funds to unverified companies or personal accounts, emphasizing that operators not registered with the Financial Intelligence Unit (FIU) are likely to be fraudulent.

The Financial Supervisory Service urges anyone who suspects they have fallen victim to a cryptocurrency scam to promptly gather evidence, such as text messages and payment records, and report the incident to the police or the FSS.

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