There has been a notable resurgence in exchange listing scams. This type of fraud, which had gained prominence during the last bull market, appears to be coming back, exploiting the burgeoning interest in token listings.
Binance co-founder’s identity misused
A recent revelation by Yi He, the co-founder of Binance and spouse of the exchange’s former CEO Changpeng Zhao, has brought to light a new tactic used by scammers. In a statement dated January 29, she alerted the public to the misuse of her identity on LinkedIn. An impersonator has been falsely offering token listings in exchange for payment while claiming to be her. She clarified her lack of involvement in listing discussions, urging vigilance against those who falsely claim close association for investment or listing purposes. Her statement underscored the sophistication of these scams, where fraudsters exploit the reputations of high-profile individuals in the crypto industry.
I’d like to reveal a scam which has happened quite often: I do have a LinkedIn account, but I have long forgotten the password; I am also not in charge of discussing with projects for a potential listing; please be wary of those who claim to be close to me and discuss with you… pic.twitter.com/gpIj41vx92
— Yi He (@heyibinance) January 29, 2024
Alert on scam operations and security measures
In a parallel development, blockchain author Anndy Lian shared evidence of scammers impersonating Binance staff on WhatsApp. These imposters were offering free money for joining cryptocurrency discussion groups, a tactic that Lian and Binance have categorically denounced. Binance’s customer support has emphasized the importance of using only official links to verify the authenticity of individuals making unsolicited offers. They advised users against interacting with non-verified sources or disclosing account details to them. This guidance is crucial for investors and project developers who might be targeted by scammers demanding substantial deposits, often in Tether (USDT), for token listings. The pattern observed involves scammers creating plausible professional LinkedIn profiles and then vanishing after receiving the ‘deposit’ without listing the token as promised.
Investor vigilance and market integrity
These incidents highlight a persistent risk in the crypto market, where the lure of quick gains can overshadow the need for due diligence. For investors and project teams, the resurgence of such scams serves as a reminder to approach potential listings with skepticism and thorough verification. Exchanges like Binance continue to play a pivotal role in maintaining market integrity, not only by facilitating legitimate transactions but also by educating their user base on security best practices. The crypto community’s collective effort towards awareness and caution is essential in mitigating the impact of such fraudulent activities, thereby protecting the interests of genuine participants in the crypto industry.
