Upbit, South Korea’s largest cryptocurrency exchange, disbursed approximately 8.5 billion won ($6.07 million) to 380 victims of voice phishing. Utilizing a real-time Fraud Detection System (FDS) and police collaboration, Dunamu, Upbit’s operator, blocked fraudulent transactions and recovered stolen funds. This milestone demonstrates the exchange’s commitment to protecting user assets amid rising crypto scams.
Upbit Returns Stolen Funds with Police Support
Crypto exchange Upbit recovered 8.5 billion won in frozen funds from voice phishing scams, Ajunews reported on November 22. Dunamu relies on its real-time Fraud Detection System (FDS) to detect and block suspicious transactions. Collaborating with the Seoul Metropolitan Police, the exchange successfully returned these funds to affected users.
In February, 5 billion won was recovered for 246 victims, marking a significant milestone in its efforts to combat fraud. On November 22, an additional 3.5 billion won ($2.7 million) was re
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