An example of a site impersonating a Korean won-market cryptocurrency exchange. DAXA has advised users to access exchanges directly through official websites rather than through social media advertisements. [DAXA]
An example of a site impersonating a Korean won-market cryptocurrency exchange. DAXA has advised users to access exchanges directly through official websites rather than through social media advertisements. [DAXA]

The Digital Asset Exchange Alliance (DAXA) warned Wednesday that phishing sites impersonating domestic won-market cryptocurrency exchanges are circulating through social media advertisements on platforms such as Facebook.

In cases DAXA recently identified, clicking on a social media ad redirected users to a site designed to closely resemble the trading interface of a domestic won-market exchange. The sites lured visitors into downloading software with phrases such as "trading fees waived upon installing the PC-exclusive program" and "special event for dedicated program users."

Domestic won-market exchanges do not currently offer any standalone PC desktop trading applications. Any site asking users to install such a program is likely a scam aimed at distributing phishing tools or malware, DAXA said.

Installing the program could allow attackers to steal login credentials, personal information and authentication data. The software may also activate remote-control functions, potentially causing losses not only in virtual assets but in broader financial holdings.

To prevent harm, DAXA urged users to access exchanges directly through official websites rather than through social media links, and to stop using a site immediately if it requests a PC program installation. Users should also be wary of advertisements promising excessive benefits such as zero fees, and should avoid downloading executable files of unclear origin, including APK and EXE formats, DAXA said.

DAXA also recommended that users who discover a suspicious site report it to the relevant exchange's customer service center or to the appropriate authorities.

"Impersonation tactics are becoming increasingly sophisticated, meaning anyone can fall victim," said Kim Jae-jin, DAXA's standing vice chairman. "Users need to be especially vigilant when a site tries to get them to install a PC program."

Meanwhile, DAXA recently delivered a lecture to Cambodia's cyber investigation police to help strengthen cross-border response capabilities against digital asset-related crime. DAXA adviser Hwang Seok-jin introduced the current state of South Korea's digital asset regulatory regime and policy trends, sharing practical knowledge applicable to digital asset crime investigations.


kyoung@heraldcorp.com