TetherBtc crypto exchange suspected of financial scams in Korea

[Photo by MK DB]

TetherBtc cryptocurrency exchange is suspected of financial scams, allegedly tricking novice retail investors in Korea into coin trading through social media networks.

Access to TetherBtc has been blocked since Dec. 15 after the crypto exchange shut down its website to upgrade its system. Its customer service center also has not been answering calls.

There isn’t any available official information, such as where the exchange is based and how large its trade volume is, according to coin industry sources. Coin traders, who have used TetherBtc, reportedly learned about the exchange through social media networks, such as investment channels on Youtube.

The victims are said to have transferred cash for coin trading to TetherBtc through peer-to-peer (P2P) transactions as the exchange is not linked to the country‘s top 5 exchanges, which are approved by local financial authorities.

The brokers for P2P transactions also have been out of contact.

It’s very difficult to protect people who have become victims of overseas crypto scams. Industry officials caution investors to refrain from investing in these exchanges because there is no way to know whether they are safe or not.