Yi He, the co-founder of Binance, called on Elon Musk to address the rampant spread of fake crypto news on X (formerly Twitter). This comes after He became a victim of an impersonation scam that used her identity to promote a fraudulent crypto token.
He took to X to denounce the promotion of a bogus cryptocurrency, falsely attributed to her. “I have not issued any tokens called MemeCoins,” He clarified in her post. She urged her followers and the broader Binance community to steer clear of the scam and avoid any investments in this deceptive token.
Highlighting the severity of the issue, He shared screenshots showing how her name and crypto handle were being misused by the scammers. “Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue, Elon Musk?” she asked directly, tagging Musk, the owner of X.
Despite Musk’s usual promptness in addressing such concerns, he has remained silent on the issue so far. This lack of response is particularly notable given Musk’s previous commitments to making X a safer space for crypto discussions.
In March, Scam Sniffer, a leading security firm, reported that crypto phishing scams have led to significant financial losses. According to their report, around 57,000 victims collectively lost about $47 million (approximately Rs 392 crore) to such scams, with a considerable portion being facilitated via X.
When Musk acquired X from Jack Dorsey in April 2022, he highlighted that one of his top priorities was to purge the platform of crypto-related scams and manipulative bots. However, despite implementing several changes, the persistence of these scams suggests that much more needs to be done.
The issue of crypto scams is not confined to X alone. Recently, the United States Federal Trade Commission (FTC) issued a warning about the rise of “Crypto Romance” scams. The FTC highlighted how scammers often build emotional connections with their victims, posing as experts in cryptocurrency to gain trust and defraud them.
“No one thinks their online love interest is going to scam them, but scammers are good at what they do. They establish an emotional connection with you so you’re more likely to believe that they’re an expert in cryptocurrency investing,” the FTC stated in their blog post on June 10.
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