Binance CEO Warns Crypto Enthusiasts of Google Phishing Scams by DailyCoin

© Reuters. Binance CEO Warns Crypto Enthusiasts About Google Phishing Scams

Changpeng “CZ” Zhao, the CEO of one of the world’s most popular crypto exchanges, took to Twitter to issue a warning to crypto enthusiasts to remain vigilant about the various phishing websites that can often show up in Google (NASDAQ:) searches. For example, when searching for “CoinMarketCap”, the query may bring up some phishing sites in addition to genuine sites.

Research Reveals 15 New Scams Every Hour

Fintech risk monitoring firm Solidus Labs recently conducted research on crypto scams made so far in 2022. Solidus Labs has further launched a crypto assessment tool that aims to track real-time information about new crypto projects that show signs of potentially being a scam. The on-chain Threat Intelligence Tool (TIT) was introduced on October 27, 2022.

According to the study, around 20% more crypto scams took place in 2022 compared to all of 2021, and data from Solidus Labs indicates that rug pulls make up the majority of fraudulent activity in the space. The crypto security firm went on to reveal which blockchains host the highest percentage of these shady projects.

Reportedly, 12% of crypto projects on Binance’s native BNB Smart Chain blockchain show signs of fraudulent behavior, specifically shoving. By comparison, hosts about 8% of scams and phishing exploits in the industry. Shady ERC-20 tokens led to the loss of over $910 million in stolen crypto funds transferred through crypto exchanges.

The most shocking revelation was Solidus’ claim that they identify 15 new crypto scams every hour across the top 12 platforms. Moreover, majority of these mat mining, scam and phishing websites often go unnoticed, unreported and unresolved.

Social media has long played a key role in the crypto crime scene, with constant security breaches on Twitter allowing bad actors to use verified accounts to push their fraudulent tokens and phishing schemes. Combined with the alleged prevalence of bots on these sites, social media provides the perfect breeding ground for fraudulent activity.

Binance becomes shareholder of Twitter

In addition, Friday the 28th marks the finalization of the acquisition of Twitter by Elon Musk. The $44 billion deal has officially closed, and the world’s richest man and CEO of Tesla (NASDAQ:) has changed his profile description to “Chief Twit.”

Binance CEO Changpeng Zhao contributed $500 million to the deal to acquire Musk, becoming co-owner of the microblogging company. Binance’s chief was modest about the development, calling Binance “little potatoes.”

on the reverse

  • The situation raises the question of who is responsible for the increasing intensity of carpet pulling scams.
  • Google has approved fraudulent websites for paid advertising through Google Adwords, which makes them somewhat culpable.
  • BNB Chain hosts 12% of all-in draws and scams, making the network the largest pool in the market.
  • The most secure blockchain, according to statistics, is Polygon (MATIC) with only 1.2% of fraudulent projects.

Why You Should Care

2022 is set to become the most active year for fraud so far in crypto history. Analyzing these cases could be crucial in preventing future squash pulls.

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