Altcoin News: Cryptocurrency Fraudsters are Attacking Linkedin Users
February 13, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The CEO of the popular cryptocurrency exchange Binance, Changpeng Zhao (CZ), reported on Twitter, that there were more and more fraudulent listing offers on the Binance platform, which are sent to the developers of the crypto projects allegedly from company representatives.
In the letters, which are addressed to the managers of cryptocurrency startups, it is proposed to transfer the project tokens to the specified wallets, and instead, the coin will be added to the Binance trading platform.
Binance is the largest cryptocurrency exchange in terms of trading volume according to the CoinMarketCap, and therefore many cryptocurrency startups want to get a listing on this platform. However, this is used by scammers who pretend to be representatives of the company.
Usually, attackers promise to provide access to some “insider information” or place project tokens on the Binance marketplace for a small fee. However, it is noteworthy that recently the activity of fraudsters has moved to LinkedIn — a well-known social network used for professional purposes. CZ decided to draw the attention of the community to the already common problem and called to fight fraudsters. He noted that there are about 20 official representatives of Binance on LinkedIn, while the number of team members applying for the title is above 500.
And this is not his first appeal on this issue. In early December, Zhao had already reported listing fraud. Then he urged to be more vigilant and added that the Binance employees were never the first to contact the developers of crypto projects. In addition, representatives of the exchange use PGP encryption to sign emails.
Note that the new decentralized cryptocurrency exchange — Binance DEX — will charge a relatively high amount for listing — about $100,000. Zhao noted that this decision was weighted and necessary to filter out potential spam or fraudulent projects. However, it is likely that over time, the entry threshold will be adjusted downwards, which he reported during a live Q&A streaming session on February 7.
Author: Marko Vidrih
