Among the most notable fraudulent cryptocurrency exchanges were revealed by South Korean authorities in 2017. BitKRX was created to resemble the cryptocurrency branch of Korea Exchange (KRX), the government's real and biggest currency trading platform – a common tactic used by phony exchanges looking to gain credibility rapidly. BitKRX was capable of attracting investors who thought KRX, thanks to public goodwill, controlled BitKRX. However, users who believed they had acquired BTC found their funds had been stolen when they attempted to retrieve them. BitKRX was a phony Bitcoin exchange based in South Korea. Posing as a respectable company closely tied to other proper business is among the most prevalent and practical techniques to trick people. BitKRX was an example of this. It was given the moniker KRX, like the actual Korean exchange. BitKRX fraudulently represented itself to become a KRX branch and a product of KOSDAQ, KRX's trading exchange. Because of this impersonation, they could pass themselves off as a professional and legal crypto asset market. People have begun to complain their money was being robbed through the exchange in 2017 when they found the Bitcoin they had bought had suddenly disappeared. Whereas the fraud was revealed, no one knows precisely how much cryptocurrency was taken.