Binance Co-Founder Yi He Calls Out Elon Musk Over Rising Number of Crypto Scams on X

Crypto scammers seem to be on an expansion drive now that the digital assets sector is logging growth in several regions around the world.

Binance co-founder Yi He has called out Elon Musk to take measures against the spread of fake crypto news on X. He found herself being impersonated in a crypto scam on the platform.

Binance co-founder Yi He has called out Elon Musk over the spread of fake crypto-related news on X, after her identity was used to promote a scam crypto token on the platform.

He took to X on Sunday, March 12 to inform her followers that she has not released any new crypto tokens called MemeCoins. She urged her followers and members of Binance's crypto circle to not click on the link or invest in this scam token.

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

He also shared screenshots of the scam post and showed how her crypto handle and name were being impersonated. Musk, who is otherwise very active on X, has not posted any response to He's question so far.

According to a crypto phishing report by Scam Sniffer in March this year, around 57,000 victims lost about Rs. 392 crore ($47 million) in crypto phishing scams — with a majority of these scams being carried out on X.

In March this year, Scam Sniffer stated in its crypto phishing report that about 57,000 victims lost approximately $47 million (roughly Rs. 392 crore) to crypto phishing scams – with most percentage of scams facilitated by scammers working on X.

:rotating_light: [1/6] ScamSniffer's February Phishing ReportIn February, about 57,000 victims lost approximately $47 million to crypto phishing scams.Compared to January, the number of victims who lost over $1 million decreased by 75%. pic.twitter.com/UgZk0K91lH

In February this year, MicroStrategy's X account was hacked and used to promote a scam MSTR crypto token airdrop. Since MicroStrategy is a pro-Bitcoin business intelligence firm, several people believed the token airdrop was legitimate and ended up clicking on the malicious links. At the time, market analysers like Scam Sniffer and ZachXBT estimated that this scam managed to steal over Rs. 3.6 crore ($440,000).

The X account of Blockchain Capital was also hacked last year to promote another scam token BCAP. He herself had sounded an alert about the rising number of crypto scams on X in January this year.

When Musk acquired X from its founder Jack Dorsey in April 2022, he stated that clearing the social networking platform of crypto-related market manipulating bots and scammers was among his top priorities. However, despite the changes that he introduced to the platform, crypto scammers are still using the platform to connect with potential victims.

News source：https://www.kdj.com/cryptocurrencies-news/articles/binance-founder-yi-calls-elon-musk-rising-crypto-scams.html

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