Bitcoin Scams under attack in South Korea

With countless altcoins being introduced  as of late, investors are having a hard time to identify which ones are legitimate and which ones are scams.

South Korean law enforcement officials have started cracking down the suspected pump-and-dump schemes wherein demand and volumes are artificially boosted.

"According to our sources, there are 676 altcoins, including bitcoin, listed on coinmarketcap.com. However, only 309 of them have a market cap of USD$10,000, and others are almost worth nothing. Furthermore, there are 550 altcoins that have extremely low daily trading volumes," said Chosun, and later reported by Bitcoin Magazine.

Moreover, the Bank of Korea will extend its support to local law enforcement authorities involved in the investigation and closely monitor the altcoins that have been created and traded in the last few months. It will also provide the necessary infrastructure and technology to help the local police to identify the scams.

In particular, the authorities are also discussing whether to launch full-fledged investigations of individuals or organizations that have been promoting the use and trading of altcoins that have been suffering from notably low daily trading volumes over the past 48 hours.