Changpeng Zao, the CEO of Binance, has issued a warning to users about a huge SMS phishing scheme aimed at Binance users.
The world's largest cryptocurrency trading platform is being used to trick customers into visiting a malicious website in order to steal their credentials.
On Friday, Changpeng Zhao sent out a tweet. There is a widespread phishing scam with a link to cancel withdrawals sent by SMS. As shown in the screenshot below, it links to a phishing website that harvests your credentials.
The tweet further advised users to save or type the Binance website address into their browser. Users of Binance might protect their passwords in this way.
Is it true that the phishing scam is just aimed at Binance users?
Changpeng Zhao's tweet is made up of a screenshot that appears to be in the form of a text message and is directed at Binance users. The source of the text message appears to be from the exchange, but it contains a malicious link.
Users will be sent to a phishing website if they click it. This website will then harvest the users' credentials in order to defraud them of their money.
The picture also showed that the mail will include a withdrawal request from a fictitious IP address. When a user hits the link, it will guide them through a series of procedures that will allow them to cancel the withdrawal request.
Users will be ripped off if they click on the link since the phony website will grab their credentials.
It's unclear if this type of phishing is just aimed at Binance users, but from what we know, they're the only ones who have been affected. Other platforms are almost certainly on the radar as well.
The number of Binance users who fell victim to the recent phishing scam has yet to be reported or revealed.
Continued Scams With No End In Sight
Recently $34 million was wiped off from Crypto. The largest scam in the De-Fi space happened last year on Poly Network when $600 million was drained out of the protocol.