February 7, 2022 In Binance, warns

Binance CEO CZ warns users of a massive phishing scam

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Binance CEO CZ warns users of a massive phishing scam

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CEO of Binance, Changpeng Zao, has notified users about a giant SMS phishing scam aimed against Binance users. The fraud of the world’s largest cryptocurrency trading platform is diverting consumers to a malicious website to steal passwords.

He made the news in a tweet on Friday. “There is a massive Phishing scam via SMS with a link to cancel withdrawals. It leads to a phishing website to harvest your credential as in the screenshot below,” he said. He also warned his users to never click on links from any unknown SMS. He urged users to always go to Binance.com via a bookmark or type it.

Are only Binance users at risk?

It is yet unknown if this phishing is just aimed against Binance users. Given what’s known, they are the only ones impacted. It is clear that other systems are also on the target list. The number of Binance users who have been victims of the current phishing scam hasn’t been recorded or revealed.

In the screenshot that CZ shared, the phishing message comprises a warning to users that someone is allegedly trying to withdraw their funds. Users are prone to panic at that moment, which will eventually lead them to click on the provided link. 

Once they click the link, the hackers will rip off their credentials, and eventually, they will lose all their funds.

Growing list of scams

The crypto market has been continually experiencing several sorts of illicit activities. This sector has been infested with scammers from rug pulling to the malware that can steal your fund. Recently $30 million was taken off from Crypto.com users on January 17. The most recent Wormhole bridge attack experienced a catastrophic loss of $323 million from the protocol.

Crypto scammers have taken over $14 billion in the year 2021. The number of users who fall victim to scams is on the rise. The growing popularity of cryptocurrencies also lures scammers to find ways to leverage this popularity. People should do their research. Many scammy projects endorse celebrities to gain the public’s trust. But it’s you who has to research because only you know your finances.

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