South Korean residents are not encouraged to attend crypto events in person

South Korean residents are not encouraged to attend crypto events in person
September 09
07:41 2020

The authorities in South Korea have discouraged residents from attending in-person events briefing about cryptocurrency investments, Tokenpost.com reports. Apart from the obvious risk of spreading COVID-19 amongst the participants, the authorities also warn the residents against potential fraud attempts.

The source reports that such briefings have taken place since 2017. Although the meetings used to be quite large in scale, now because of COVID-19 measures for events, they are smaller and adhere to social distancing practices. However, because it is still a gathering, there is a chance of spreading the virus.

Another concern, says Tokenpost.com, is the increase in cryptocurrency fraud in the country. The authorities suggest that scammers might use a cryptocurrency briefing to find victims for their illegal activities. The source mentions a case of such a gathering that not only turned to be a scam but also infected 93 people with the virus.

The concern over cryptocurrency fraud is understandable. Not only in South Korea but worldwide as well there have been more cases of crypto scams lately. These cases have increased over the course of the COVID-19 pandemic. There have been hacks of cryptocurrency exchanges and new malware targeting crypto wallets. Moreover, scams spread on social media such as Twitter, Instagram, and YouTube.

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