Coinone User Protection Team Wins Police Citation for Anti-Phishing Efforts

Coinone said June 8 that its user protection team received a citation from the commissioner general of the National Police Agency in recognition of its work protecting users and preventing phishing crimes.

The award was presented June 4 at a signing ceremony for a business agreement between the National Police Agency and South Korea’s five major virtual-asset operators, Coinone said. An employee in the company’s user protection department accepted the citation. The recognition reflected the team’s active cooperation with investigative authorities on crime-prevention efforts since the launch of the police agency’s integrated voice-phishing response unit.

Coinone said the department protected about 68 million won ($49,000) in customer assets from voice-phishing and other crime attempts over about 50 days following the unit’s launch. It was also credited with helping prevent additional losses through suspicious-transaction monitoring and preemptive responses.

In one case, the company analyzed a malicious application detection alert and a suspected voice-phishing tip that the National Police Agency provided in March. It then took temporary measures for users deemed at risk and quickly shared the relevant information with police, helping block withdrawals of about 38 million won ($27,000).

The award recognizes the efforts of the user protection team and the results of cooperation with related agencies, a Coinone official said. The company will continue to put customer asset protection first and strengthen efforts to prevent crimes and limit losses from voice phishing, investment scams and romance scams, the official added.

Separately, the National Police Agency and South Korea’s five major crypto exchanges agreed under the business pact to establish a cooperation framework to prevent phishing crimes and strengthen user protection. They also agreed to work together on sharing crime-related information and expanding prevention efforts.