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Major crypto exchange Binance has issued an urgent warning to the crypto community, urging users to remain cautious in the face of mounting security risks. The alert comes as phishing scams, fraudulent schemes and other activities targeting crypto holders continue to surge.
In a tweet, Binance issued a warning on fake apps. For years, fake mobile apps have plagued the cryptocurrency market, deceiving both beginners and seasoned users. Here, criminals rely on users to download programs from unofficial platforms, anticipating that they will unintentionally send funds to fake wallet addresses.
Tomiwabold OlajideBinance pointed out that scammers can use fake mobile applications that resemble its official app to steal users’ sensitive data and digital assets. A way bad actors can siphon funds is by altering the QR code or wallet address during the withdrawal and deposit process.
What to do to stay safe?
A fraudulent app is carefully designed to mimic the original, rendering them practically indistinguishable at first glance. Once installed, these malicious apps can spy on user activity, steal personal information and even deplete cryptocurrency holdings - all without the user's knowledge.
In taking protective measures, users should always download programs from official channels to avoid installing fake apps. They should double-check deposit addresses before sending any funds. Similarly, they should take an extra step to verify the withdrawal addresses when withdrawing. They should verify the address for the second time, as fake apps can replace user addresses with fraudulent ones at this point.
Gamza KhanzadaevA trial transfer is a simple but effective approach to ensure that a transaction is going to the correct destination. Users should transfer a small amount first before making a larger deposit or withdrawal. However, they should exercise caution because some sophisticated fake apps allow small payments to be completed correctly to create trust. When a larger transaction is later attempted, the funds are redirected to the scammer's wallet.
As crypto adoption grows, so do security risks. Binance’s warning serves as a reminder for users to stay cautious and protect their assets against potential threats.
Dan Burgin
Vladislav Sopov