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The South Korean Virtual Asset Reporting Center receives more than 3,000 reports a year, 15% of which involve false propaganda

According to information obtained by Lee In-young, a member of the Democratic Party of Korea, from the Financial Supervisory Service, the Virtual Asset Investment Fraud Reporting Center (now the Virtual Asset Unfair Trading Reporting Center), established and operated since June last year, has received a total of 3,036 reports as of July this year. In 2023, a total of 1,532 reports were received, of which 44% were other reports that were unrelated to virtual assets or difficult to classify. This was followed by false and exaggerated propaganda (15%), online fraud (14.6%), investment guidance groups (11.9%) and love fraud (11%). Of the 1,532 reports received in 2023, only 36 actually involved unfair transactions, accounting for only 2.3%.