Hong Kong Police Warn Residents of Binance Phishing Scam
Hong Kong police have issued a warning to residents about scammers pretending to be Binance and sending phishing text messages. In the past two weeks, there have been 11 reported cases of this scam, resulting in losses of HK$3.5 million.
A local news report from October 9 highlights a post on the “Net Keeper” social platform where law enforcement authorities have expressed their concern over the increasing number of fraudulent activities involving phishing text messages impersonating Binance, the world’s largest cryptocurrency exchange.
The scammers entice users to click on these deceptive messages, giving them unauthorized access to victims’ Binance accounts and stealing their digital assets. To protect themselves, the police advised citizens to be cautious about the security risks associated with different platforms, store large amounts of virtual assets in offline wallets, and only use licensed trading platforms based in Hong Kong for investment.
This warning comes at a time when there is growing awareness of funds lost to hacks, scams, and rug pulls in the crypto industry. In Q3 2023 alone, the industry lost $889.3 million. The US Securities and Exchange Commission (SEC) chair, Gary Gensler, has also voiced his concerns about fraud and regulatory non-compliance in crypto.
Hot Take: Authorities Sound Alarm Over Binance Phishing Scam
Hong Kong police have issued a warning to residents about scammers posing as Binance and sending phishing texts. These fraudulent activities involve phishing text messages that impersonate Binance, enticing users to click on them and gain unauthorized access to victims’ accounts. This scam has resulted in significant financial losses for individuals.
To protect yourself from falling victim to such scams, it is essential to take precautionary steps. First, consider the security risks associated with different platforms. Additionally, store large amounts of virtual assets in offline wallets to minimize the risk of theft. Finally, only use trading platforms licensed in Hong Kong for your investments.
This warning comes as the crypto industry continues to grapple with the challenges of hacks, scams, and rug pulls. In just Q3 2023, the industry lost a staggering $889.3 million. The issue of fraud and regulatory non-compliance has also caught the attention of regulators like Gary Gensler, the chair of the US Securities and Exchange Commission.
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