South Korea: Fake cryptocurrency detection service released

Seoul: Choi's MU:onoff, a blockchain project has launched a fake cryptocurrency coin detection service to prevent an increasing number of fraudulent coin victims, Global Economic reported.
Choi's MU:onoff, a blockchain project launched to build a healthy blockchain ecosystem and improve user convenience, said on Monday that it will release MU: Cops, a fake coin detection service. The size of cryptocurrency investors is already more than 1 billion people worldwide, and the average daily transaction amount exceeds USD 1 trillion. As the market size has grown, fake crypto scam cases are also increasing rapidly.
Fraudulent methods are also becoming more complex day by day, and the most common method is to receive cash to invest on behalf of the victim. At this time, coins sent to victims are often not real. There are hundreds of fake coins that copy the names and symbols such as Bitcoin and Ethereum, but there is no sanction or risk prevention system for fake coins in the decentralized cryptocurrency market, according to Global Economic.
The problem is that if the other party sends fake coins during transactions, it is difficult to recognize until checking the contract address. Although the fraudulent coin can be reported to the Financial Supervisory Service and the National Investigation Headquarters of the National Police Agency, there is no prevention system. Choi's MU:onoff's service can check the contract addresses in advance, checking the authenticity of the coin.
In addition, users can register coins and wallets related to fraud through the "reporting" function. It is possible to minimize coin scams by checking registered information. The MU: Cops service, which is provided free, is available not only on the web but also on the app. (ANI)