Binance Warns Crypto Investors of Massive Phishing Scam via SMS

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Binance Warns Crypto Investors of Massive Phishing Scam via SMS – Binance, a cryptocurrency exchange, has issued a “major phishing scam through SMS” warning to investors. Scammers sent crypto users SMS texts, warning them of a withdrawal request from an unknown IP address, which they should cancel.

There is a widespread phishing scam with a link to cancel withdrawals sent by SMS. Binance CEO Changpeng Zhao (CZ) tweeted that it links to a phishing website that harvests your credentials.

Scammers sent SMS texts to cryptocurrency investors, according to Binance’s CEO, claiming that a withdrawal had been requested from an unknown IP address. The investor is then instructed to cancel the withdrawal request by clicking a link in the notification. The URL, on the other hand, goes to a phishing website that attempts to steal investment credentials.

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Users should always go straight to the Binance website via a bookmark or by typing the URL into the browser, according to the Binance CEO. He emphasized the importance of never clicking on links sent by SMS.

Scammers have used SMS scam tactics on more than one cryptocurrency market, including Binance. Coinbase, a Nasdaq-listed cryptocurrency exchange, issued a similar warning in August of last year about a phishing scam aimed at Coinbase consumers.

Other SMS messages have been used by scammers to entice investors to click on their phishing URLs. One notification, according to several instances provided by Coinbase, reads, “New login. Aren’t you one of them? “At [URL], deactivate.” Several others notify  investors that they have received bitcoin and ask them to verify or simply observe the transactions.

Also Read: Top 7 Cryptocurrency Exchange Script

SMS scams are only one of the various sorts of frauds aimed at bitcoin investors. The US Federal Trade Commission (FTC) issued a warning in January about cryptocurrency frauds involving social media and bitcoin ATMs.

Scammers made a record of $14 billion in bitcoin last year, according to blockchain analytics company Chainalysis. Indians visited crypto fraud websites around 10 million times last year, according to the company.

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