The head of the world’s largest crypto exchange, Richard Teng from Binance, has sounded the alarm to the crypto community. On platform X (formerly Twitter), he issued a strong warning about a new wave of scams spreading via SMS spoofing – fake messages that look strikingly official.
🔍 What is SMS Spoofing?
Scammers are now sending fake text messages that appear in the same thread as legitimate ones from Binance or other known platforms. Using vulnerabilities in telecom networks – particularly through VoIP protocols – they manipulate the sender ID.
This makes the fake message appear authentic, and scammers use it to trick unsuspecting users into revealing sensitive data like login credentials, 2FA codes, or even seed phrases.
🧠 How to Protect Yourself?
🔹 Never share sensitive information via SMS – legitimate companies will never request it this way.
🔹 Verify the source of any message, especially if it urges you to act quickly or claims your account is compromised.
🔹 If in doubt, contact support via the official app or website.
🔄 Scammers Are Evolving
Teng emphasized that while these scams aren’t new, they’re becoming more frequent and sophisticated. With the rise of AI tools, deepfake videos and impersonation scams are on the rise – including fake livestreams featuring CEOs of crypto firms like Ripple Labs on YouTube and X.
What If It’s Too Late?
If you fall victim to a scam, platforms like Binance and Coinbase have special teams and blockchain tracking tools that help recover stolen funds – in cooperation with law enforcement. But as always, prevention is the best defense.
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