Binance Co-Founder Calls On Elon Musk For Help To Combat Crypto Scams On X

Yi He, co-founder of Binance, has made a public plea to billionaire Elon Musk. Mainly known for his Tesla brand, Musk also owns the social media platform X.

Yi He has asked Musk to address the crypto scams running rampant over the social media platform.

Binance Co-Founder Addresses Malicious Links On X

The plea from Yi He comes after a follower fell victim to a wallet drainer via a malicious link posted on X by an account pretending impersonating the follower.

In a post on her X account, the Binance co-founder revealed that a scammer was posing as her on X. The scam account has been posting malicious links that prompt victims to connect their wallets, resulting in the wallet being drained instantly.

The impersonator came to Binance co-founder’s attention after she was alerted by one of her followers, who had clicked the link and lost 60 ETH in the process. The 60 ETH was worth over $200,000 at the time of the hack.

I noticed that a fake account has impersonated me and some users have been scammed. It’s been reported to me that someone has clicked into a malicious link and 60 ETH was stolen.@heyibinance is my only account. And $BNB is the only token that I endorse.

Please stay alert to… pic.twitter.com/A91lxN7a5z

— Yi He (@heyibinance) June 14, 2024

In her post addressing the situation, Yi He said “I noticed that a fake account has impersonated me and some users have been scammed. It’s been reported to me that someone has clicked into a malicious link and 60 ETH was stolen”, before adding “@heyibinance is my only account. And $BNB is the only token that I endorse.”

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In a second post, later that day, Yi He insisted on exercising vigilance when using X. She also tagged Musk in the post asking for his help.

She wrote, “I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen. Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue? @elonmusk.”

I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen. Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue?
@elonmusk pic.twitter.com/fCiweFweBa

— Yi He (@heyibinance) June 14, 2024

What Will Musk Do To Combat Scam Bots On His Platform?

Since Musk bought Twitter and rebranded it to X in April 2022, many users have been complaining that the platform is rampant with bots and spam malicious links. These complaints have not gone away since the 2022 take-over as seemingly nothing has been done to combat this issue.

Thanks for the great experience on X @elonmusk

80% of my notifications are scams today. Wasn’t this bad the past few weeks but it has still been really bad.

Are you doing anything soon or nah? pic.twitter.com/KJxeZwMl1n

— Giannis Sourdis (🦉,🦉) (@Greekdx) September 3, 2023

Losses From Crypto Scams Are Down 20% From 2023

Even with the ongoing crypto scam issues online, crypto losses are down comparatively since last year. This was verified by data published in a May 2024 report by bug bounty security platform ImmuneFi.

In the report, Immunefi found that crypto losses from hacks and scams dropped over the last year. According to the bug bounty specialists, $473.229 million worth of digital assets were lost from January to May 2024. This is an improvement on the $595.438 million stolen during the same period in 2023.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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