Binance co-founder advises crypto investors to exercise caution, informs on rising listing scams

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Binance co-founder Yi has revealed that unknown notorious actors are reaching out to existing or potential crypto investors, and offering them scam token listings for money using their names. These types of scams are classified as 'token listing' scams. Through social networking platforms like LinkedIn and Are more likely to do so. Sometimes scammers even reach out to crypto projects and lure them into paying and listing their tokens on popular exchanges.

In her case, scammers impersonating her are primarily reaching out to strangers through LinkedIn. He published a detailed post on X, advising the crypto community to be wary of these scammers. He also attached an image of the message his impersonators are forwarding, to let people know what they should be wary of.

“Please beware of people who claim to be close to me and discuss investments or listings with you,” he said Posted From his own X account.

Earlier this month, self-proclaimed blockchain expert Andy Lian had also brought to light several rogue groups on the WhatsApp messaging app. Through these unauthorized groups, scammers are known to lure group members with free crypto investment opportunities, crypto rewards, and monthly programs among other services.

“This gives crypto a bad name,” Lian published in a tweet. It also shows a screenshot of a fake Binance WhatsApp group titled 'Singapore Binance T10'.

Commenting under her words of caution, Lian re-shared her previous tweet and called for better education and awareness for sector participants.

The crypto industry, which is currently valued at $1.67 trillion (roughly Rs. 1,38,82,793 crores), has been rife with scams for years. A recent report by cybersecurity firm PeckShield reportedly revealed that more than 600 crypto hacks occurred in 2023, causing a loss of $2.61 billion (roughly Rs. 21,696 crores). However, it also states that crypto hacks and scams have declined by 27.78 percent in 2023 following the introduction of some new rules and regulations in the industry.


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