Binance Co-founder Urges Elon Musk to Tackle Cryptocurrency Scams on X
Binance co-founder Yi He has raised concerns about the proliferation of cryptocurrency scams on the social media platform X, owned by Elon Musk.
Taking to the app recently, Yi He questioned whether Musk would take action to tackle the issue.
Yi He’s apprehension stemmed from a specific impersonation scam occurring on the X platform.
She shared images of accounts that were clear imitations of her X handle (@heyibinance) and her real name.
In one instance of the scam, users were directed to click on a link promising access to Binance-backed memecoins.
Yi He clarified that no such coins had been issued and that clicking the link could result in the loss of funds.
“I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen,” she wrote.
“Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue?”
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?
@elonmusk pic.twitter.com/fCiweFweBa
— Yi He (@heyibinance) June 14, 2024
Cryptocurrency scams have thrived on X, with analysts attributing a significant portion of all crypto scams to scammers on the platform.
Scam Sniffer, a web3 anti-scam company present on X, conducted an analysis revealing that nearly $50 million is lost each month due to account impersonation on X.com.
While these problems existed prior to Elon Musk’s involvement in the platform, the confusion surrounding the new owner’s controversial paid verification service may contribute to the continued vulnerability of the general public to
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