Phishing in Turkey and art-crypto fraud in South Korea

Türkiye: 53 arrests, 17,000 victims, USD 16 million in damages

Turkish police have arrested 53 suspects in connection with a large-scale phishing campaign. The group created fake websites that were deceptively similar to the online portals of well-known internet providers. Around 17,000 users were tricked into entering their login credentials and payment information. The total damage is estimated at $16 million. The case illustrates how low the technical barrier to entry is for mass cybercrime when the target group has limited digital security skills. Brand imitation and interface copies of professional providers drastically lower the inhibition threshold for data entry – with devastating financial consequences for victims.

South Korea: Fake Picasso exhibition disguised as a crypto pyramid

A particularly creative con artist in South Korea used a fake Picasso exhibition as the backdrop for a cryptocurrency pyramid scheme. Older investors were promised returns of up to 300 %, supposedly backed by the appreciation of art and crypto assets. In reality, it was a classic Ponzi scheme disguised as art. The losses amount to approximately 100 billion Korean won. The case illustrates how cultural authority—the prestige of a renowned artist like Picasso—is used as a marketing tool to build trust and overwhelm critical thinking. Older investors with little crypto experience but a strong cultural awareness were especially vulnerable.