Binance CEO alerts users of a new SMS phishing scam

TL; DR Breakdown

• Binance CEO warns users against SMS phishing scam
• CZ issued the update via Twitter
• Platforms have lost massive amounts to hackers in 2022

The issue of scams and hacks in the crypto sector has continually occurred over the last few years. Although platforms are doing their bit to help users secure their funds, hackers are devising new methods of stealing. This is why a personal responsibility to ensure that users do not over-rely on companies cannot be emphasized. However, in the latest update, the CEO of Binance Changpeng Zhao has alerted users on a new way they can be hacked.

Binance CEO issues update via Twitter

In the latest tweet by the Binance CEO, he mentioned a conspiracy of SMS phishing that is presently ongoing in the market. CZ said that the hackers explicitly target traders on the Binance exchange platform. Giving users a heads up, Zhao tweeted a picture where a user was asked to cancel a withdrawal if they didn’t make it.

In its detail, the Binance CEO mentioned that the scammers send users messages like that and include a link to another website created to look like theirs. Once the user enters the website and enters their login, the hackers steal this info and use it to withdraw from their account. Going further, Changpeng Zhao said Binance users should not access their platform via any link, and should they need to, they can type the website details manually.

Platforms have suffered massive losses in 2022

The crypto market has suffered a list of hack and scam attacks since the start of the year, leading to the loss of massive amounts of money. One of the biggest that might occur ever in crypto history happened some days ago involving Wormhole. Wormhole bridges different blockchains together, allowing traders to exchange tokens across them.

The hack saw the malicious actors cart away $321 million. Before that hack, another security breach involved Crypto.com, which saw the crypto exchange lose more than $33 million to malicious actors. Traders have also been warned of a new malware deployed by malicious actors to target plugins. With issues like these continuing to spring up, it makes a case for regulation in the sector. However, some entities have argued that it would rob the sector of its tenet.