Key Takeaways:
- Binance co-founder Yi He criticized Elon Musk’s X.com for not effectively preventing cryptocurrency scams, highlighting an impersonation scam using her handle.
- Scam Sniffer’s analysis shows nearly $50 million is lost monthly to account impersonation scams on X.com, a problem that predates Musk’s takeover.
- The controversial paid verification service on X.com may be exacerbating the issue, despite Musk’s statements on addressing bot and spam problems.
Binance co-founder Yi He has criticized Elon Musk’s X.com for not effectively preventing cryptocurrency scams.
She highlighted an impersonation scam on the platform, where fake accounts mimicked her handle (@heyibinance) and name, directing users to a fraudulent link that claimed to offer Binance-backed memecoins.
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?
— Yi He (@heyibinance) June 14, 2024
@elonmusk pic.twitter.com/fCiweFweBa
Yi He clarified that no such coins exist and warned that clicking the link could result in financial loss.
She revealed that many users had already lost significant amounts of money.
👨‍💻 Binance co-founder Yi He has raised concerns about the proliferation of cryptocurrency scams on the social media platform X.#Binance #Scamhttps://t.co/An7MekqrzM
— Cryptonews.com (@cryptonews) June 16, 2024
Analysis from Scam Sniffer, a Web3 anti-scam company, shows that scammers on X.com are responsible for a large portion of all crypto scams, with nearly $50 million lost monthly due to account impersonation.
The issue of impersonation scams existed before Musk’s takeover and rebranding of Twitter as X.
Binance co-founder Yi He calls on Elon Musk to reduce the number of scammers on X, causing people to lose money pic.twitter.com/ix5UVzAiVd
— CryptoSavingExpert ® (@CryptoSavingExp) June 16, 2024
The platform’s controversial paid verification service, which allows anyone to get verified, may be contributing to the problem.
Despite Musk’s previous statements about addressing bot and spam issues on the platform, it remains unclear if he has specifically tackled cryptocurrency scams.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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