[Consultation] Response plan for fraudulent web services impersonating virtual currency exchanges.
Article posted in 2021-02-25 11:59:43 | VEAT
Law firm Veat provided countermeasures against fraudulent websites claiming to be virtual currency exchanges.
Recently, with increased interest in virtual assets (cryptocurrencies), fraudulent websites impersonating virtual currency exchanges are appearing one after another, so caution is required.
A, which operates a virtual currency exchange, contacted Law firm Veat to inquire about legal countermeasures after discovering a website impersonating A’s virtual currency exchange using similar domain names.
In response, Law firm Veat provided countermeasures, including ▲ filing a request with the Broadcasting Communications Committee to restrict access to the fraudulent website and ▲ criminal prosecution based on violations of the “Act on Prohibition of Unfair Competition and Protection of Trade Secrets” (Unfair Competition Act) and the “Criminal Code.”
The act of registering, holding, transferring, or using similar domain names is subject to “Act on Prohibition of Unfair Competition and Protection of Trade Secrets” (Unfair Competition Act) Article 2(1) – an unfair competition act, resulting in a sentence of **imprisonment for up to 3 years or a fine of up to 300 million won.**
Law firm Veat provides numerous consultations and dispute resolutions based on its experience related to **“Act on Prohibition of Unfair Competition and Protection of Trade Secrets” (Unfair Competition Act), including website and service impersonation,** and offers **swift and accurate solutions.** If you need legal advice in this regard, please contact Law firm Veat at any time.
Thank you.