Binance CEO Changpeng Zhao Warns Users About a Massive Ongoing SMS Phishing Scam

The CEO of Binance, one the world’s largest cryptocurrency exchange platform, Changpeng Zao has warned its users against a massive SMS phishing scam. Zao noted that users were receiving an SMS message looking to harvest credentials by redirecting unsuspecting users to a malicious website. Zhao, who put out a series of tweets to alert users about the SMS scam, also urged users to always go to the Binance website via a bookmark or by typing it in on the browser to ensure they protect their credentials.

Changpeng Zhao’s tweet comprises a screenshot, which is in a form of a text message which happens to be targeting the users of Binance. The source of the text message simulates that it comes from the exchange but carries a fraudulent link. Upon clicking, users are directed to a phishing website which then proceeds to harvest the credentials of the users to swindle off their funds once users enter their Binance credentials.

It is still unclear if this form of phishing is only targeted towards Binance users. From what’s known, they are the only ones affected. It is certain that other platforms are also on the target list. The number of Binance users who have been a victim of the recent phishing scam hasn’t been reported or disclosed.

The crypto market has suffered a list of hack and scam attacks since the start of the year, leading to the loss of massive amounts of money. One of the biggest of its kind ever in crypto history happened some days ago involving a crypto platform named Wormhole Portal.

The hack saw malicious actors swindle an aggregate sum of up to $322 million (roughly Rs. 2,410 crore) in Ethers. Before that hack, another security breach involved Crypto.com, which saw the crypto exchange lose more than $33 million (roughly Rs. 246.5 crore) to scammers. Traders have also been warned of a new malware deployed to target plugins.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.