Upbit refunds about 8.5 billion won to 380 telecom fraud victims

South Korean virtual asset trading platform Upbit announced that it has returned about 8.5 billion won (about 6.07 million U.S. dollars) to about 380 victims of telecommunications fraud. The operator Dunamu used the real-time abnormal transaction monitoring system (FDS) to freeze the victim's funds and cooperated with the Seoul Metropolitan Police Agency to promote the return process. In February this year, about 5 billion won was returned to 246 victims, and this time an additional 3.5 billion won was returned to 134 victims. Upbit said it will continue to strengthen monitoring and collaboration to protect user assets from telecommunications fraud.