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Richard Teng, Binance CEO, has issued a critical warning to cryptocurrency holders about phishing scams. In a post on X, Teng shared a link detailing the different tactics malicious actors in the crypto space are using to target users' accounts.
Warning on impersonators and malicious links
Teng noted that most phishing scammers have intensified their attacks on users by sending fake links that look legitimate. He warned that clicking on such links leads users to malicious websites that steal login details or personal information.
He also highlighted that other scammers impersonate official representatives or notable personalities. For instance, they could pretend to be Binance or Richard Teng's customer support official.
The aim is to earn a user’s trust and lead them to divulge personal information that could result in losing funds from their account. Teng assured that Binance exchange would continue to protect users’ funds around the clock, as that is the exchange’s priority.
However, the Binance CEO maintains that users' "vigilance is the first line of defense." He insisted that users stay alert as the first line of defense against phishing scams.
Crypto users must stay alert, double-check URLs and never share sensitive information with anyone.
The Binance CEO implied that even with 24/7 security teams working to protect users, an account holder remains the most important first barrier to preventing scams from happening.
Industry leaders echo concern as attacks rise
The warning from Richard Teng is a reminder to crypto users, given the rising incidence of phishing scams in the industry. He has constantly issued warnings to help users safeguard their accounts.
Interestingly, scammers can target anyone to defraud them. As U.Today reported, David Schwartz, Ripple CTO, was once the target of a phishing scam.
The attackers used a real case to make their fake message very convincing, and if Schwartz had not been vigilant, he would have lost funds to malicious actors.
Vladislav Sopov
Dan Burgin