The platform formerly known as Twitter has seen an uptick in cryptocurrency fraud
Binance co-founder Yi He recently expressed that he doesn’t believe Elon Musk is doing enough to fight cryptocurrency scams on the X.com platform and questions whether he would do anything to address the issue.
He’s worried were about an apparent impersonation scam running on X. She posted images of other accounts that were obviously imitating both her proper name and her X handle (@heybinance).
He also said that a particular impersonation scam instructed users to click on a link to gain access to Binance-backed memecoins. However, she states that users could lose funds by clicking the link and that none of the coins have been issued:
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
“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?”
Data from Scam Sniffer, a Web3 anti-scam firm, revealed that almost $50 million is lost monthly to X.com scams, with account impersonation the leading cause of the problem.
While these issues existed prior to Musk taking over Twitter and changing its name to X, his contentious paid verification service, where anyone can register and have an account verified, could be contributing to the rise in X.com impersonation scams.
Musk has previously expressed on several occasions his intention to address the “bot” and “spam” problems on X.com, but it’s unclear whether he has specifically confronted crypto scams.
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
