The crypto world is full of fraudsters and scammers looking to make a quick buck by using some very shady tactics. Korbit has issued a warning to all of its users about several scams and phishing attempts that are designed to steal user’s login information and empty their accounts. The warning is prominently displayed on the Korbit website and urges all traders to ensure they are on the genuine Korbit website before they enter their login information.
Check the Spelling
One of the most popular types of scams out there is buying a domain with a visually identical URL. There are many letters that can be substituted for one another that looks the same – such as a lower-case L and an upper case I – and scammers are using this trick to fool people. Scammers send out emails to huge swathes of people with this link which takes you to a site that looks exactly the same as Korbit, just with the letters swapped out. From here you enter your password and the scammers now have access to your Korbit account. Unfortunately, this is happening all over the place and not just at Korbit, so make sure you check the spelling and always type the URL yourself.
KaKao Talk Scams
KaKao Talk is one of the most popular instant messaging platforms in South Korea, and scammers are using it to target Korbit users. Scammers will be selling their new product – usually a crypto exchange – and claim it’s a sister company of Korbit. This means they can log into Korbit and transfer funds from within their new exchange. However, the truth is that the scammers once again steal your login details. On top of this, scammers also request that you send them money and will receive more in return – a sort of investment if you will. Just like on Twitter, these are not real investment schemes and you will likely lose everything.
Monex Users Having a Similar Issue
Monex users are receiving emails claiming to be from a sister crypto exchange that is part of the Monex Group. It promotes a new automated trading platform that you can use with your Monex account. However, when a user tries to log in, it scrapes off your login details and will use it to empty your other accounts help with Monex. Scammers will then also try and use this same login information on other crypto exchanges, as many people use the same password combination in multiple places.
To avoid being scammed, use common sense and stick to the golden rule – if it sounds too good to be true, it’s usually fake. Even the best of us fall for scams, including professional sports teams. In January, the South African cricket team fell for a Bitcoin scam – so don’t feel too bad if you fall for one too. If you do fall for a scam, make sure you notify your crypto exchange as soon as possible and change passwords at other exchanges that are the same.