Crypto Exchange Korbit Warns about Ongoing Phishing Attack

Hackers are attempting to steal login information and potentially funds from Korbit exchange users via a phishing site.

South Korean cryptocurrency exchange Korbit has highlighted a phishing attack, conducted by a fake website - korbit-kr.com The company has implemented restrictions on deposits and withdrawals in a bid to prevent hackers who manage to steal user credentials from withdrawing funds. The exchange revealed these measures in a blog post published over the weekend.

According to Korbit, the fraudulent activity was detected on Saturday and it was continuing on Monday morning UTC as per information on the exchange’s website. Hackers are using several tactics, including sending messages to the exchange users via KakaoTalk, a popular Asian social media. Users are encouraged to log in via the fake website in order to receive a bonus or avoid exchange fees.

The South Korean platform reminded its customers that the only trusted e-mail address that it uses is [email protected] and the official login address is http://www.korbit.co.kr/sigh-in/. A phishing attack is a hack attempt, in which criminals present themselves as a trusted company and send e-mails or social media messages with similar URL addresses and names.

“Moreover, if you suspect a hacker attack and contact us, we will restrict all withdrawals of crypto-currency excluding KRW, in order to protect your assets. The CS center will guide you on how to unlock this restriction,” Korbit explained in the post.

“If you encounter any other suspicious sites, calls, emails, or text messages, please report to our Customer Center at +82-1661-9707.”

Victims of the phishing attempt can also report to South Korean police via minwon.police.go.kr and Financial Supervisory Service (FSS) by using phishing-keeper.fss.or.kr. FSS, the country’s integrated financial regulator, is in charge of consumer protection issues.

Korbit is one of the relatively smaller exchanges by daily trading volumes, compared to its local competitors, Bithumb and Upbit. It clocked $7.4 million in trading for the last 24 hours to 11:37 UTC on Monday, according to Coinmarketcap data. The platform supports several coins, among them Bitcoin (BTC), Ethereum (ETH), and XRP (XRP), all paired with the national fiat currency, the Won.

In October 2018, Korbit’s parent company, South Korean investment group NXC Corp bought the majority stake of European cryptocurrency exchange Bitstamp.

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