Binance co-founder pleads with Elon Musk to address cryptocurrency scams on X

Binance co-founder pleads with Elon Musk to address cryptocurrency scams on X


Elon Musk's X.com social media platform isn't doing enough to prevent cryptocurrency scams from spreading. That's the clear sentiment of Binance co-founder Yi He, who recently took to the app to ask if its billionaire owner would address the problem.

Yi He's concern was raised in relation to an alleged impersonation scam being carried out on the X platform. She posted images of both her X handle (@heybinance) and accounts displaying her real name.

According to Binance executives, one particular phishing scam directed users to click on a link purported to give them access to memecoins backed by Binance. Yi He pointed out that such coins are not issued and that clicking on the link may result in financial loss.

Source: Yi He.

“I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen. Many people have been fooled by this hacker link and lost huge amount of money today. Is there a way to solve this problem? “

As Cointelegraph recently reported, cryptocurrency scams are rampant on X.com, with analysts saying fraudsters on the platform are responsible for an inordinate share of all crypto scams.

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Web3 anti-fraud company Scam Sniffer's analysis of X.com accounts for nearly $50 million per month as a major driver behind the issue of account impersonation.

As many experts have noted, these problems existed long before Elon Musk took control of Twitter and changed his name to X. However, lingering confusion over the new owner's controversial fee-based verification service – whereby anyone with a smartphone can sign up and receive verification – may be contributing to the general public continuing to fall for the platform's impersonation scams.

As Musk's brief assessment of the Twitter invasion shows, he has said on several occasions that he intends to do something about the “bot” and “spam” problems. But it's not clear if he's specifically referring to cryptocurrency scams.

As of this writing, Musk does not appear to have responded to Yi He's post on X.com.

Related: Tesla investors sue Elon Musk for diverting wealth, talent to xAI

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