Binance CEO Warns: Scammers Hijack Accounts via Fake Support Calls

Binance’s CEO, Richard Teng, has issued a warning about a dangerous scam targeting users through fraudulent support calls. These calls, Teng emphasized, are part of a broader wave of cyber threats that include impersonated support staff, malicious QR codes, and SMS spoofing. According to Binance’s latest update, scammers are posing as customer support agents and urging users to alter their API settings, a move that can grant attackers access to their accounts and assets [2].

Teng clarified that Binance will never request users to share passwords or credentials over the phone and urged users to remain vigilant. The exchange described a typical scam scenario in which a caller, posing as an official, warns users of “urgent security updates.” The conversation, framed as a routine check, can quickly lead to a loss of control over the user’s account. By changing API settings, users unknowingly allow scammers to drain their funds directly [2].

This latest scam comes amid a string of similar attacks. Earlier in the year, Binance had already warned users about impersonation attempts on platforms like WhatsApp, Telegram, and Facebook. Users were advised to be cautious of messages that appeared to be from the exchange’s official communication channels but were, in fact, designed to trick users into scanning malicious QR codes or transferring assets to fake wallets [2]. In a recent incident, a user reportedly lost $91 million in Bitcoin after falling victim to a similar social engineering scam. The attack involved scammers impersonating both a crypto exchange and hardware wallet support, which gave them control over the victim’s funds [4].

To combat such threats, Binance has taken proactive steps. The exchange has advised users to implement additional security measures, such as activating two-factor authentication (2FA), using passkeys for enhanced protection, and verifying all communication through official channels. It also encouraged users to report any suspicious activity immediately [2]. These measures are in line with broader efforts to improve security across the crypto industry, including Binance’s recent partnership with TRM Labs’ Beacon Network to address crypto crime in real time [3].

The Beacon Network initiative, which includes other major crypto platforms such as Coinbase, Kraken, and Ripple, aims to create a more secure ecosystem by enabling real-time alerts on suspicious transactions. This collaborative effort leverages blockchain transparency to detect and prevent illicit activities before they cause widespread damage. Binance’s involvement in the network underscores its commitment to enhancing security for its global user base, which exceeds 280 million [3].

As crypto platforms continue to face evolving threats, the importance of user education and multi-layered security cannot be overstated. Binance’s warnings and proactive strategies highlight the growing necessity for a coordinated approach to prevent scams and protect users from increasingly sophisticated attacks [2].

Source:

[1] title1 (https://www.reddit.com/r/stocks/comments/1mzwfjs/nvda_up_35_into_earnings/)

[2] title2 (https://cryptopotato.com/binance-ceo-sounds-the-alarm-about-a-dangerous-scam-details/)

[3] title3 (https://cryptodnes.bg/en/binance-joins-trm-labs-beacon-network-to-fight-crypto-crime/)

[4] title4 (https://crypto.news/binance-warns-of-social-engineering-sms-scam-after-91m-bitcoin-theft/)