Cryptocurrency Exchange Listing Scams Resurface amid Market Recovery
Summary:
Scams involving fraudulent cryptocurrency exchange listings are returning in the wake of a broader market recovery. Binance co-founder, Yi He, identified a LinkedIn impersonator using her identity to offer token listings for payment. Simultaneously, blockchain author Anndy Lian exposed a similar scam where some WhatsApp users, claiming to be Binance staff, offered free money for joining cryptocurrency discussion groups. These scams mostly target project developers and co-founders, tricking them into making sizable deposits for listing on reputable exchange platforms, and leaving them high and dry after the payment.
With the resurgence of a wider market recovery, fraudulent schemes related to cryptocurrency exchange listings are reemerging. Binance co-founder, Yi He, who is also the wife of the previous CEO, Changpeng Zhao, alerted on a Jan 29th post about a person impersonating her on LinkedIn. This impostor falsely promises token listings for a fee, leveraging He's name and status. He reminded that although she owns a LinkedIn account, she has forgotten the password and does not engage in negotiations for potential listings. She cautioned against those claiming close connections with her and sharing investment or listing proposals.
Blockchain author Anndy Lian disclosed a similar scam where individuals disguising as Binance employees on WhatsApp, lure people with monetary benefits for participating in cryptocurrency focus groups. "Binance does not sponsor such groups promising passive income," Lian noted. Binance's customer service later emphasised that users should rely on the official website to verify the authenticity of those presenting unsolicited offers claiming links to Binance. "Authenticate the website link, email, phone number, Wechat ID, Twitter handle or Telegram ID," instructed the developers. "Avoid contacting unofficial/non-verified sources or disclosing your account credentials."
Previous bull markets have seen a surge in such exchange listing frauds. An investigation conducted by Cointelegraph in August 2022 demonstrated that scammers often target project developers and co-founders using seemingly genuine LinkedIn profiles from well-established exchanges. The scammers dupe their victims into making an initial 'deposit,' sometimes as high as 250,000 Tether (USDT), claiming it to facilitate the listing process. However, following the payment, the token fails to be listed.
Related: Crypto criminals shift from phony exchanges to deceptive approval phishing scams.
Published At
1/29/2024 10:05:40 PM
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