Coinone Supports Refunds of 7.5 Billion Won in Voice Phishing Losses Over Three Years

Cryptocurrency exchange Coinone has supported the return of 7.5 billion won in losses from voice phishing and other telecommunications financial fraud over three years.

Coinone said on October 27 that, from October 2023 through last month, it worked with the Seoul Metropolitan Police Agency to identify victims and return approximately 2.47 billion won directly to them in 83 cases. It also established a process with KakaoBank for returning fraud proceeds, through which approximately 5.01 billion won was refunded to victims in 412 cases.

Coinone worked with the Seoul Metropolitan Police Agency to track transaction records and fund flows across thousands of accounts, identify victims, and establish procedures for calculating and refunding losses. Starting in October 2024, it also worked with KakaoBank to build a system for returning fraud proceeds transferred to the exchange to victims.

Coinone's efforts to protect users have also received recognition externally. In 2024, the Coinone User Protection Team received a commendation from the Seoul Metropolitan Police Agency for helping return funds remaining from voice phishing losses. In June this year, the team also received a commendation from the National Police Agency for helping prevent phishing losses in cooperation with investigative authorities.

A representative of Coinone's User Protection Team said, "It was most rewarding when people who had their money returned thanked us. Even after the amended law takes effect, we will work closely with the relevant authorities and do our best to ensure that funds are returned to victims as quickly as possible."

This content was produced with the assistance of AI translation services.