Fun

Binance co-founder beseeches Elon Musk to address cryptocurrency scams on X

News Feed - 2024-06-16 05:06:11

Tristan Greene3 hours agoBinance co-founder beseeches Elon Musk to address cryptocurrency scams on XAccording to Yi He, “a significant amount of money” was lost when X.com users were tricked by an impersonation scam.800 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksElon Musk’s X.com isn’t doing enough to prevent the proliferation of cryptocurrency scams on the social media platform. That’s the apparent sentiment from Binance co-founder Yi He, who took to the app recently to question whether its billionaire owner would address the problem. 


Yi He’s concern was brought up in reference to a purported impersonation scam running on the X platform. She posted images showing accounts which were blatant imitations of both her X handle (@heyibinance) and her proper name.


According to the Binance executive, one specific impersonation scam directed users to click on a link purported to give access to Binance-backed memecoins. Yi He was quick to point out that no such coins have been issued and that clicking the link could result in loss of funds:Source:Yi He.“I have not issued any new MEMEcoins. 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 Cointelegraph recently reported, cryptocurrency scams have proliferated on X.com to the point where, according to analysts, scammers on the platform are to blame for an outsized portion of all crypto scams.


Analysis from Scam Sniffer, a web3 anti-scam company with a presence on X, nearly $50 million are lost each month with account impersonation on X.com being a primary driver behind the issue.


As many pundits have noted, these problems have been around long before Elon Musk took over the reins of Twitter and changed its name to X. However, lingering confusion over the new owner’s controversial paid verification service — wherein ostensibly anyone with a smartphone can register and receive verification — may be a contributing factor in the general public continuing to fall for impersonation scams on the platform.


A cursory review of Musk’s statements surrounding the Twitter takeover show that he iterated on several occasions that he intended to do something about the “bot” and “spam” problems. But it’s unclear whether he specifically addressed cryptocurrency scams.


As of the time of this article’s publication, Musk doesn’t appear to have responded to Yi He’s post on X.com.


Related:Tesla investors sue Elon Musk for diverting resources, talent to xAI# Twitter# Cryptocurrencies# Altcoin# Cryptocurrency Exchange# Binance# Elon MuskAdd reaction

News Feed

The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off?
The 187,000 BTC Scam – Is Plustoken to Blame for Bitcoin’s Sell-Off? Armchair theorists love postulating the reasons behind bitcoin’s latest price rise or sell-off. Fro
IMF guides Andorra to record and monitor Bitcoin transactions
Arijit Sarkar24 minutes agoIMF guides Andorra to record and monitor Bitcoin transactionsThe landlocked country of Andorra sought technical assistance from the International Monetary Fund on various topics including effec
Ex-FTX exec asks for delay reporting to prison after dog attack
Turner Wright8 hours agoEx-FTX exec asks for delay reporting to prison after dog attackRyan Salame was scheduled to report to prison on Aug. 29 after being sentenced to 90 months for charges related to the misuse of FTX
Elon Musk Says Holding Bitcoin Is Less Dumb Than Cash, Disputes Peter Schiff’s Claims About Money and BTC
Elon Musk Says Holding Bitcoin Is Less Dumb Than Cash, Disputes Peter Schiff"s Claims About Money and BTC Tesla and Spacex CEO Elon Musk has clarified his positi
Dogecoin Open Interest Averages $2 Billion In June As Price Struggles Below $0.2
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
North America’s First Bitcoin ETF Now Holds Over 11,000 BTC
North America"s First Bitcoin ETF Now Holds Over 11,000 BTC The first bitcoin exchange-traded fund (ETF) in North America now holds over 11,000 bitcoins. Purpose
Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading
Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec.
MEXC Global Now Exceeds 10 Million Users; The Meaning Behind the Upgrade Color to ‘Ocean Blue’
MEXC Global Now Exceeds 10 Million Users; The Meaning Behind the Upgrade Color to "Ocean Blue" press release PRESS RELEASE. As of September 2022, MEXC has finally reached a respecta
PayPal opens PYUSD stablecoin to USD conversions for cross-border transfers
Zhiyuan Sun8 hours agoPayPal opens PYUSD stablecoin to USD conversions for cross-border transfersThe cross-border payments will be handled via PayPal’s Xoom subsidiary.1248 Total views4 Total sharesListen to article 0:
Bitcoin.com Exchange to Sponsor Decentralized Collectible Card Game Splinterlands
Bitcoin.com Exchange to Sponsor Decentralized Collectible Card Game Splinterlands Splinterlands is one of the most popular collectible trading card games in the cryptocurrency sc
Biggest Movers: DOGE Hits 3-Week High on Saturday
Biggest Movers: DOGE Hits 3-Week High on Saturday Dogecoin surged to a three-week high to start the week, as the token rallied for a second consecutive session. Overall, the meme c
AI-generated fake IDs confound crypto exchange KYC measures
Shiraz Jagati13 hours agoAI-generated fake IDs confound crypto exchange KYC measuresAI is escalating the challenge of deepfake frauds in digital identity verification, potentially reshaping cybersecurity.933 Total views1