Binance Calls on Musk to Fight Crypto Scams on X.com

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Binance Co-Founder Calls on X.com to Crack Down on Crypto Scams

Binance co-founder Yi He has taken to X.com, the social media platform owned by Elon Musk, to raise concerns about the prevalence of cryptocurrency scams on the platform. He specifically pointed out impersonation scams targeting her own account and potentially defrauding users.

Yi He shared images showcasing fake accounts mimicking her X.com handle (@heyibinance) and her real name. These impersonators reportedly directed users to click on malicious links promising access to fictional “memecoins” supposedly backed by Binance. Yi He emphasized that no such coins exist and clicking the link could lead to financial losses.

“I have not issued any new MEMEcoins,” she stated on X.com. “Clicking on the link will result in your money being stolen. Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue?”

As reported by Cointelegraph, cryptocurrency scams have become a significant issue on X.com. According to analysts, a substantial portion of all crypto scams can be attributed to activities on the platform. Data from Scam Sniffer, a web3 anti-scam firm with a presence on X.com, reveals that account impersonation is a major driver, leading to an estimated loss of nearly $50 million every month.

While these issues predate Elon Musk’s acquisition of Twitter and its subsequent rebranding as X.com, some experts suggest that confusion surrounding the platform’s new paid verification system might be contributing to the problem. This system allows almost anyone with a smartphone to register and receive a verification badge – a factor that may mislead users into trusting impersonator accounts.

Uncertain Response from Musk

Despite Elon Musk’s repeated promises to address bot and spam issues on X.com following his takeover of Twitter, it remains unclear whether he has specifically addressed the growing problem of cryptocurrency scams. As of this writing, Elon Musk has not publicly responded to Yi He’s concerns on X.com.

Yi He’s call to action highlights the urgency of X.com taking concrete steps to combat the rise of cryptocurrency scams on its platform. Implementing stricter verification procedures and user education campaigns could significantly reduce the risk of users falling victim to these malicious schemes. Whether X.com will take action in response to Yi He’s concerns remains to be seen.

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This post was originally published on cryptonewsfarm.com

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