Coinone has supported refunds of about 7.5 billion won in losses from voice phishing and other telecommunications financial fraud over the past three years through cooperation with investigative authorities and financial companies.

Coinone said on Oct. 27 that from October 2023 to September 2026 it worked with the Seoul Metropolitan Police Agency, and the amount directly refunded to victims totaled about 2.47 billion won across 83 cases.

With its real-name account partner bank KakaoBank, it built refund procedures together and supported about 5.01 billion won in 412 cases so the money could be returned to victims.

Before the revised Telecommunications Fraud Damage Refund Act took effect on Oct. 1, digital asset exchanges were not included as financial companies, so no official process was in place to verify victim information and return losses.

To address this, Coinone built procedures with the Seoul Metropolitan Police Agency to confirm victims and refund losses. After the police trace transaction records and money flows across thousands of accounts to identify victims, Coinone supports the calculation of losses and the refund process.

Through this, it returned money that had remained at the exchange for a long time to eligible victims even before the Digital Asset User Protection Act took effect in 2024.

From October 2024, it set up a separate cooperation system with KakaoBank. The two operated a hotline to confirm losses and process returns, and returned about 5.01 billion won to victims through KakaoBank's refund procedures.

From this month, it switched to a system in which Coinone directly carries out victim relief procedures in line with the revised Telecommunications Fraud Damage Refund Act taking effect.

A Coinone official said, "Even after the revised law takes effect, we will do our best to ensure the money is returned to victims quickly through close cooperation with relevant agencies."