Binance CEO Changpeng Zhao Warns Users About SMS Phishing Scam

Binance CEO Changpeng Zao has warned users about a massive SMS phishing scam targeting Binance users. The world’s largest cryptocurrency exchange scam is redirecting users to a malicious website to collect credentials.

Changpeng Zhao tweeted on Friday There is a huge SMS phishing scam with a link to cancel withdrawals. This leads to a phishing site to collect your credential, as shown in the screenshot below. NEVER click on SMS links!

The tweet also urged users to always access the Binance website through a bookmark or by typing it into their browser. In this way, Binance users can protect their credentials.

Is the phishing scam targeting only Binance users?

Changpeng Zhao’s tweet is made up of a screenshot, which is in the form of a text message addressed to Binance users. The source of the text message pretends to be from the exchange, but contains a fraudulent link.

By clicking on it, users will be directed to a phishing site. This site will collect users’ credentials to defraud their funds.

Furthermore, the screenshot showed that the message will contain a pull request for a rogue IP address. Once a user clicks on the link, they will follow a few steps that will help cancel the withdrawal request.

There is a huge SMS phishing scam with a link to cancel withdrawals. This leads to a phishing site to collect your credential, as shown in the screenshot below.

NEVER click on SMS links!

Always go to https://t.co/9rMMAmtCxH via bookmark or write it down.

Stay #SAFU pic.twitter.com/erNwe90FN1

— CZ Binance (@cz_binance) February 4, 2022

However, once the link is clicked, users will be robbed as their credentials will be captured by the fraudulent website.

It is not yet clear if this form of phishing is targeting only Binance users, as far as we know they are the only ones affected. It is true that other platforms are also on the target list. The number of Binance users who fell victim to the recent phishing scam has not been reported or disclosed.

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Continuous beating with no end in sight

The cryptocurrency space has constantly witnessed different forms of fraudulent practices. From rug pulling to recent scare tactics, this space has been bombarded with hits from time to time. As recently as January 17, $34 million was removed from Crypto.com users.

The most recent hack of the Wormhole bridge linking Solana and Ethereum saw a massive loss of $320 million from the protocol.

This attack, which took place on Wednesday, marks the second largest security breach in the decentralized finance sector.

The biggest blow to the De-Fi space came last year at the Poly Network, when $600 million was taken from the protocol. Recent warnings have also been issued against attackers targeting browser plugin wallets such as Coinbase and MetaMask.