As Bitcoin gains popularity, crypto scams are on the rise. Binance advises users to be vigilant and take precautions to avoid falling victim to these scams.
CZ, Founder and CEO of Binance, has warned the general public about Scams many times with his tweets.
By analyzing the free ID Ransomware, the Malware Hunter Team found a scam involving Binance Coin (BNB). Website that helps victims determine what type of malicious software is causing their data to be locked.
Thanks to the team, they discovered the bogus website claiming to be Binance’s official page releasing the company’s ‘Latest News’ on November 1, 2021, and posted the discovery on their Twitter page.
In addition to identifying over 600+ ransomware families, the Malware Hunter Team has identified the false link, presenting users with a phony QR code for users to deposit Bitcoin (BTC) into the smart contract blockchain.
Fraudulent Binance website promises 12% profit
To avoid falling victim to these false announcements and losing their money, users need to ensure the page is verified and that their account, or any other crypto platform, is secure.
In the scammers’ terms, BTC Smart contracts require a minimum sending volume of 1 Ethereum (ETH), priced at $4030, or 0.1 BTC, priced at $6,200, respectively.
How to avoid Crypto scams?
The chances of someone hosting a legitimate giveaway that requires you to send your own money are extremely slim. Don’t fall for these kinds of social media messages. Some of them might come from accounts that look exactly like the ones you love, but that’s part of the trick. The dozens of replies thanking this account for their generosity are just bogus accounts or automated bots designed as part of the giveaway scam.
It is best to ignore these. You’ll see the differences if you take a closer look at the profiles if you’re genuinely convinced they’re legitimate. A quick check of Twitter handles or Facebook profiles will reveal their unauthenticity.
The legitimate ones will never ask you to send funds first, even if Binance or another entity decides to host a giveaway.
Finally, we recommend that investors conduct due diligence before investing their money in cryptocurrency exchanges and crypto wallets to avoid being scammed and experiencing other spurious activities.
The following is a guide about how to avoid scams impersonating Binance –