The Korea Blockchain Association advised investors against investing in Coinup cryptocurrency. It said none of its member exchanges had listed the Coinup.
The warning came out as the Coinup falsely publicized that the cryptocurrency would generate 5,000 times return once it is listed on the exchange. The advertisement turned out to be a scam.
The association said none of its member exchanges plans to list the questionable coin in the future.
The association also urged the government to regulate cryptocurrencies to uproot frauds like Coinup. It said the lack of regulation had spawned frauds, hurting many innocent exchanges.
Korea Blockchain Association Chairman Chin Dae-je said the government needs to come out with regulations to protect innocent investors in the cryptocurrencies.
He renewed calls for legislating the cryptocurrency law.
He said the association would closely monitor to root out fraudsters.
