Phishing emails are trying to scam Japanese crypto traders

Phishing emails are being used by scammers to target crypto holders in Japan. The issue has been around for a while but the emails are now in Japanese.

By · Jul 20, 2020 . 4min read

Fraud related activities in relation to cryptocurrencies appear to be on the rise. Last week, there was a Twitter hack of major American Twitter accounts. The verified accounts asked their followers to send them Bitcoin in exchange for more Bitcoin, and some users fell for it. ‘Phishing’ is another scam that is also on the rise.

According to Coinpost, in Japan, people are losing their crypto assets to phishing websites. BTCBOX, a crypto asset exchange trader, has issued a warning. People receive a suspicious email masquerading as BTCBOX, with the subject ‘BTCBOX Urgent Problem’. It then prompts the users to enter their login details.

These websites closely resembles the actual websites except for a few details. Phishing has been an issue in Japan for quite some time now. Since 2017, the Japanese Anti-Phishing Council (JAPC) has been raising alarm against the prevalence of phishing-related scams in the country. They found that at least 6 major crypto exchanges were providing little to no support against these scams to their customers.

In 2018, around 580 billion Japanese Yen was stolen from Coincheck after fraudulent emails containing viruses were sent to several employees of the company. While in the past the emails have been in English, the recent emails are in Japanese because of the improvement in language translating technology.

BTCBOX has stated that it is taking measures to raise awareness amongst people. The Japanese government was notified of the issue two years ago. Since then, many regulations and have been put in place to protect digital asset holders. Users can protect themselves against such scams by bookmarking the official websites. They can also click on the lock icon on the address bar to check the certificate of the website.

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