Binance warned investors of crypto scams

Binance

Binance warned investors of crypto scams. Source: shutterstock.com

Binance has alerted digital currency investors to be wary of a crypto scam via SMS.

The scam, which is targeting digital currency traders and investors, comes as a link via SMS stating that a request to withdraw virtual currencies has been initiated from an unknown IP. Investors are then asked to cancel by clicking on a link. The link, however, leads investors to a phishing site that harvests traders’ credentials.

Users are advised to access Binance via the official website and never to click on any links from SMS.

The SMS scams have been experienced in other cryptocurrency exchanges apart from Binance. In August last year, Coinbase raised alarm over a similar phishing scheme.

The Nasdaq listed digital currency exchange has experienced other scams where investors were asked to verify some documents since they had acquired some bitcoin. Other traders were asked to view the received bitcoin.

Different scams have been used to target virtual currency investors. This prompted the U.S Federal Trade Commission (FTC) to warn investors of scams using crypto ATMs and social media in January.

Last year, scammers had a $14 billion record in digital currencies. In the same year, Indians visited virtual currency scam websites approximately 10 million times.

We’ve reported that National Identity Number verification is not available in Nigeria.

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