Crypto Exchange Binance CEO Warns of Massive SMS Phishing Scam

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Binance CEO Changpeng Zhao warned on Friday of a “massive SMS phishing scam” targeting the cryptocurrency exchange. In a tweet, Zhao said: “There is a massive SMS phishing scam with a link to cancel withdrawals. It leads to a phishing website to collect your credential as shown in the screenshot below. NEVER click on SMS links!”

SMS phishing scams are when hackers send text messages that are designed to steal your personal or financial information, either by pretending to be a trusted site or by getting you to download malware onto your phone.

According to the screenshot shared by the CEO, the scam involves sending users a text message with a link to cancel withdrawals, leading users to a malicious website designed to collect their login credentials. . As of now, it is unclear how many Binance customers fell victim to this scam.

Scams and thefts are common in the world of cryptocurrencies. In early 2022, crypto analytics firm Chainalysis saying The illicit address already has more than $10 billion worth of cryptocurrency, and most of this is held by wallets associated with cryptocurrency theft. Customers being scammed in this and other ways remain a common feature of the cryptocurrency industry, even on major exchanges.

In early January, Crypto.com admitted that at least 483 users of its platform lost $34 million in cryptocurrency after cybercriminals exploited a vulnerability and hacked into the exchange. More recently, hackers stole nearly $320 million worth of crypto from a decentralized finance (DeFi) platform. Wormhole portal. The DeFi platform is a bridge between the Solana (SOL) cryptocurrency and other blockchains, it was mined by approximately 120,000 Ethereum wrapped.

For the uninitiated, DeFi is an alternative financial ecosystem where consumers transfer, trade, borrow and lend cryptocurrencies, regardless of the traditional financial institutions and regulatory structures that have been built around banking. The DeFi movement aims to “disintermediate” finance, using computer code to remove the need for trust and intermediaries in transactions.

Hackers have focused more on DeFis in 2021, in yet another warning to those dabbling in this emerging segment of the crypto industry. “DeFi is one of the most exciting areas of the broader cryptocurrency ecosystem, presenting tremendous opportunities for both entrepreneurs and cryptocurrency users,” Chainalysis wrote in its annual Crypto Crime report.

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