Binance CEO Warns About Dangerous New Crypto Scam Using SMS Spoofing

SMS Spoofing Poses Serious Threat to Crypto Users

Binance CEO Richard Teng has issued a warning about a rising scam technique targeting the crypto community: SMS spoofing. In this method, scammers send fake messages that appear in the same message thread as official communications, making them difficult to identify as fraudulent.

These messages often aim to deceive users into revealing personal or financial details, such as passwords or verification codes.

How SMS Spoofing Works

Scammers take advantage of weaknesses in SMS gateways to modify sender IDs, making it look like messages are coming from trusted platforms like Binance. They can also use VoIP (Voice over Internet Protocol) technology to mimic official representatives.

Although this technique is not new, it has become more common, prompting increased calls for public awareness and caution.

How to Protect Yourself

To stay safe from SMS spoofing and similar scams:

Always verify the source of any message before responding.

Be suspicious of messages that ask for sensitive information.

Do not click on links or respond to messages unless you are sure they are legitimate.

Scammers Are Evolving

Even as exchanges strengthen their security measures, scams continue to evolve. Fraudsters are now using advanced tools like AI-generated impersonations to pose as company executives on platforms like YouTube and X.

Other crypto companies, such as Ripple, have seen their leaders impersonated to trick users.

What to Do If You’ve Been Scammed

Leading exchanges like Binance and Coinbase have tools to help trace suspicious transactions. In cooperation with law enforcement, some stolen funds may be recovered.

Crypto users are advised to remain alert and double-check all communication, especially during periods of high market activity.