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Richard Teng, Binance CEO, has warned crypto users about malicious actors trying to scam them on the exchange. In a post shared on his verified X account, Teng emphasized the need for crypto holders to protect their assets.
Binance CEO spotlights QR code scams
According to Teng, these malicious actors are targeting Binance users by pretending to be the exchange's official support staff. Notably, they contact crypto holders using the exchange and request information that could assist them in compromising a user’s account.
For instance, scammers could trick users into sending in "facial recognition videos." By manipulating these videos, scammers have gained access to holders’ accounts by bypassing identity verification systems on Binance.
Teng also highlighted the use of malicious QR codes. He explained that fraudsters have been known to send QR codes to users who, upon scanning, are scammed.
He pointed out that malicious actors steal login details from such codes and access users’ Binance accounts remotely.
Teng has stressed that users must remain vigilant to avoid losing hard-earned funds to scammers on the Binance exchange. He said, "If it feels off, it's a scam. Report it!"
So, not only is being vigilant critical, but users could help keep the ecosystem safe by reporting scam attempts. This post from the Binance executive might help improve sensitization and reduce the incidence of fund loss.
Three rules for safe crypto trading
In a related development, Changpeng Zhao has also provided insights into how criminal elements use artificial intelligence (AI)-based deepfake hacking technology to target users. Zhao cautioned crypto users to avoid installing software through unofficial links, as that could expose them to malicious attacks.
Meanwhile, Teng recently provided a support guide to crypto users that could help them retain and grow their funds. The CEO maintained that traders must set rules and follow them, constantly refine their strategy and avoid emotional decision-making processes.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team