Virtual Asset Fraud in South Korea: Insights from the CIRC Statistical Report for 2022.

02/23/2023 07:41 • Blockchain Briefs • 77 views

It is reported that the Cryptographic Incident Response Center (CIRC) of Uppsala Security, an expert of the blockchain virtual asset supervision technology (RegTech) in South Korea, recently released the CIRC statistical report for 2022. Based on the opinions received directly from the victims of virtual asset crime in South Korea, the report provides valuable insights into the trend and impact of these events in the country. The report shows that in 2022, Uppsala Security received about 500 reports of virtual asset fraud, resulting in a total loss of 52.4 billion won. Among the affected tokens, Ethereum (ETH) and ERC-20 tokens “are the most affected, followed by Bitcoin (BTC). The most common type of fraud” is love based fraud, accounting for 30% of the reported events, followed by the private key disclosure of cryptocurrency wallet (22%), and the last but not the least important is ICO investment fraud (17%).

Uppsala Security publishes the report of the virtual asset damage response center

Analysis based on this information:

The message above reports on the release of the CIRC (Cryptographic Incident Response Center) statistical report for 2022, by Uppsala Security, an expert in RegTech in South Korea. The report provides valuable insights into the trend and impact of virtual asset fraud in the country, based on opinions received from direct victims. The report reveals that there were about 500 reported cases of virtual asset fraud, resulting in a total loss of 52.4 billion won in 2022. Among the affected tokens, Ethereum and ERC-20 were the most impacted, followed by Bitcoin.

The most common types of virtual asset fraud identified in the report include love-based fraud, private key disclosure of cryptocurrency wallet, and ICO investment fraud. Love-based fraud, which accounted for 30% of reported events, refers to cases where criminals use fake identities to establish romantic relationships with victims and persuade them to invest in virtual assets. Private key disclosure of cryptocurrency wallets, accounting for 22% of reported cases, refers to situations where criminals obtain the private keys to access victims’ wallets and steal virtual assets. Lastly, ICO (Initial Coin Offering) investment fraud, accounting for 17% of cases, refers to fraudulent schemes where investors are misled to invest in fake or non-existent ICO projects.

The report is an essential resource for stakeholders in the virtual asset industry in South Korea, as it highlights the growing threat of virtual asset fraud and its impact on victims. The report further underscores the need for RegTech solutions that can help prevent and mitigate virtual asset fraud. Uppsala Security, as an expert in blockchain virtual asset supervision technology, is well-positioned to provide such solutions.

In conclusion, the CIRC statistical report for 2022 provides valuable insights into virtual asset fraud in South Korea. The report highlights the prevalence of love-based fraud, the private key disclosure of cryptocurrency wallets, and ICO investment fraud. The report also emphasizes the need for RegTech solutions that can help prevent and mitigate the growing threat of virtual asset fraud.

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Virtual Asset Fraud in South Korea: Insights from the CIRC Statistical Report for 2022.

Uppsala Security publishes the report of the virtual asset damage response center

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