CEO of Binance Alerts Global Users of Immense SMS Phishing Scam

A fraud that has been circulating recently includes sending consumers a text message with a link to cancel withdrawals. This message directs them to a fake website that intends to steal their login details. Changpeng Zhao, the CEO of Binance, warned the crypto community to be wary of an immense SMS phishing scam. This scam specifically targets Binance users. Zhao later tweeted a possible phishing scam that users might fall into in his personal Twitter account. 

According to his tweet, Zhao explains how the scam works. It includes sending clients a text message with a link to cancel withdrawals. Through this step, the scam leads users to a fake site whose goal is to steal the users’ login details. 

Due to this possible scam, the CEO of Binance advises users not to click on any links or text messages. To ensure security for customers, he encourages them to always type the URL for the exchange into their browsers manually.

The Increase Level of Hacking

Generally speaking, the hacking and phishing phenomena are rising in 2022. As a result of these frauds, many platforms are experiencing huge losses. Similarly, on Wednesday, the Wormhole token bridge lost 120,000 wETH worth $321 million due to a security flaw. Following more examples, on the 17th of January, Crypto.com lost $33.8 million in crypto assets due to a security vulnerability.

In light of this current issue, a new malware has been identified. It targets browser plugin wallets like MetaMask and Coinbase Wallet. Accordingly, users of digital assets have been alerted about this virus.