The launch of fake crypto coins and tokens has troubled the wider market resulting in severe losses. Recently South Korean prosecutors have indicted 6 individuals over the charges of running a million-dollar scam project.
A local media outlet reports that the agencies have charged the accused for selling and issuing ‘scam coins’ during the time between May and August 2022.
Official notes that the 6 people in custody have victimized over one thousand investors, by targeting them through platforms such as YouTube, including social media. The agencies have conducted dozens of searches and raids and also recovered some assets, documents, and other related things helping them to victimize investors easily.
Most recently Todayq reported that data from the SK government states that in 2024, a decline of 26% has been registered virtual asset service providers in the region. Only 31 crypto exchanges are operational in South Korea, which was 42 in total in the previous year.
Crypto scams & illicit activities at peak, Why?
With the wider adoption of blockchain-based currency, bad actors have discovered several ways to defraud those who want to explore some new opportunities in the cryptocurrency market.
In the past few years, the digital asset market has become one of the fastest growing markets, with Bitcoin crossing the milestone of $100k, followed by an ATH of $108k.
The sudden growth in the trading prices of such blockchain-based products has opened several ways for bad actors to defraud investors resulting in severe losses.
In the past few quarters, the Social engineering technique of defrauding remains the most used followed by Pig butchering and in the ongoing Valentine’s week romance scams are at their peak.
The skyrocketing pace of scams and frauds and the crypto market has raised concerns over the security of the holders and investors seeking an appreciable return. Yet there is a need for a few good laws to tackle these cyber frauds defaming cryptocurrencies.
Crypto market price updates
When writing the crypto market cap was at $3.18 trillion with a loss of roughly 1%, and the trading volume was $99.54 billion with a growth of 33%.
Over the past few sessions, Bitcoin prices seem tumbling in the range of $90k to $105k, and until publishing it was exchanging at $97,054 with a surge of 4 percent in a week. The growth remains as its current prices are below 20 and 50-day EMAs.
According to the data from CoinMarketCap the intraday losers list has been ruled by DEXE followed by Official Trump, Raydium, Dogwifhat, Onyxcoin, Stellar, Movement, and Jupiter.
The same in the same frame are Litecoin, Injective, Monera, Aptos, Bittensor, Toncoin, and Gala several others.
Over the past 7 days, the TVL ( Total Value Locked) on the Ethereum chain has reached $121.26 billion with a weekly loss of 7.43 percent followed by Tron (TRX) with a TVL of $8.34 billion losing 1.23 percent in a week.
