Binance CEO Provides Urgent Security Warning to All Users: Details Inside

TL;DR

• The leader of the exchange urged users to take all necessary measures to protect themselves from scammers.
• Binance clients have faced multiple targeted attacks in the past, including fake SMS alerts claiming account breaches from North Korea, phishing links, and scammers posing as Binance support using malicious QR codes – all aimed at stealing funds or personal data.

Another Alert

Richard Teng, the chief executive officer of the largest crypto exchange, issued a vital security reminder, claiming Binance is committed to keeping its users safe, but their role is “just as important.”

The exec advised all clients to enable two-factor authentication (2FA), secure their devices, stay vigilant against scams, and “make full use of the safety tools” the company provides. 

Multiple X users commenting on Teng’s post expressed gratitude for the warning, agreeing that security in the cryptocurrency world is of utmost importance. 

“We appreciate the reminder, Richard Teng. Security is paramount in our industry, especially as we navigate innovative projects and technologies. Implementing robust security measures like 2FA is essential for protecting both personal and investment data,” one person said.

Two months ago, Binance’s CEO sounded the alarm on phishing scams, which have targeted victims via fake links and impersonations.

“We’re here 24/7, but your vigilance is the first line of defense,” he said at the time.

Some of the Attacks

Earlier this year, numerous Binance users received a text message that appeared to come from the usual number used for sending verification codes. The SMS claimed their accounts had supposedly been accessed from North Korea, urging them to take immediate action. 

CryptoPotato reported the case of the user Joe Zhou, who panicked and contacted the provided number. The unfamiliar person from the other side instructed him to set up a specific wallet and transfer all his funds there for an “investigation.” 

Zhou initially followed the directive but grew suspicious and reached out to a close friend employed at Binance, who confirmed it was a fraud. The victim then began withdrawing funds from the wallet and ultimately lost only a small amount.

Several months later, the wrongdoers returned with another trick, presenting themselves as “Binance support” members to steal people’s personal data by sending them malicious QR codes. 

The exchange issued a warning about that scam, advising users to stick only to official channels and report any suspicious activity.