financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Binance CEO Sounds the Alarm About a Dangerous Scam: Details
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Binance CEO Sounds the Alarm About a Dangerous Scam: Details
Aug 26, 2025 10:26 AM

TL;DR

Fraudsters are making fake support calls, urging users to change their API settings. Binances boss reminded that the company will never request passwords or credentials by phone. The warning follows previous scams involving impersonated support staff, malicious QR codes, and SMS spoofing.

Ring, Ring, Its a Scam

Richard Teng, the CEO of the worlds largest crypto exchange, took to X to warn about a recent fraud that may harm unsuspecting victims. He explained that the scammers attacks include fake support calls that lure people into changing their application programming interface (API).

Teng assured that Binance will never ask its users for their passwords or credentials over the phone, advising everyone to stay vigilant. Earlier this week, the exchange released an update dedicated to the matter.

It starts with a simple phone call. On the other end of the line is someone who sounds official – calm, professional, and claiming to be from customer support. They warn you about urgent security updates and guide you to change your API (application programming interface) settings.

What feels like a routine safety check quickly turns dangerous. By adjusting those settings, victims unknowingly hand over the keys that let scammers drain funds straight into their own wallets, the announcement reads.

The company stated that its risk experts are monitoring this evolving threat, but emphasized that awareness is your first and strongest defense. It also gave some vital tips to users that may protect them from such attacks.

Activating two-factor authentication (2FA), implementing a passkey for enhanced security, verifying all communication channels, and educating on scams are among the steps. Last but not least, Binance requested that users report any suspicious calls and activity.

By staying alert, relying only on official Binance communication channels, and never making API changes at someone elses direction, you shut the door on these attackers. Adding extra layers of protection, like passkeys and hardware-based 2FA, further hardens your account against impersonation attempts, it concluded.

The Previous Warning

Earlier this summer, Binance alerted users that bad actors have been impersonating the exchanges support center to steal personal information and trick them into scanning malicious QR codes.

The company revealed that people using popular social media platforms like WhatsApp, Telegram, and Facebook appear to be prime targets.

Prior to that, some Binance users reported falling victim to an SMS spoofing attack. They received messages that appeared to come from the number where they typically got verification codes. The SMS instructed people to set up a dubious wallet and move all their funds there due to a threat coming from North Korea. Needless to say, it was a scam, and those transferring assets had them embezzled. 

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
ETH Price Analysis: Is Ethereum on the Verge of Another Crash Below $2.5K?
ETH Price Analysis: Is Ethereum on the Verge of Another Crash Below $2.5K?
Aug 17, 2024
Ethereum has entered a consolidation correction phase, retracing back toward the broken lower boundary of the multi-month wedge. This movement suggests a potential pullback to the previously breached level, indicating a likely continuation of the bearish trend in the upcoming days. Technical Analysis By Shayan The Daily Chart A closer examination of Ethereums daily chart shows that the cryptocurrency has...
Is the Bitcoin Price in Grave Danger? 3 Bearish And 2 Bullish Signs For BTC to Watch
Is the Bitcoin Price in Grave Danger? 3 Bearish And 2 Bullish Signs For BTC to Watch
Aug 17, 2024
For the week ending Aug. 17, Bitcoin price continued its shaky action, even as low consumer inflation signaled an upcoming dollar supply glut and the SP 500 Index rallied. The latest U.S. consumer inflation readout gave the Fed more ammo to justify a big rate cut in September. Thats bullish news for Bitcoin, because more dollars against the same supply...
French Authorities Arrest Duo in Connection to Holograph’s $14.4M Hack
French Authorities Arrest Duo in Connection to Holograph’s $14.4M Hack
Aug 17, 2024
Investigations into a multi-million dollar hack on the omnichain tokenization platform Holograph have begun to yield results. French authorities have arrested two individuals who may have been involved in the attack. According to a tweet by the official Holograph X account, the Italian Directorate of Anti-Mafia Investigations, in collaboration with multiple enforcement agencies, including Europol, Frances Office for the Prevention...
Bitcoin Hashrate Surges to New High as Miners Realize Losses: CryptoQuant
Bitcoin Hashrate Surges to New High as Miners Realize Losses: CryptoQuant
Aug 17, 2024
The Bitcoin network hashrate hit a new all-time high earlier this week following increased selling from smaller mining entities. At the same time, the miner hash price has plunged to a record low. According to a report from CryptoQuant, Bitcoin’s hashrate currently stands at 627 exahashes per second (EH/s), representing a significant recovery from an 8.5% drawdown in July. The...
Copyright 2023-2026 - www.financetom.com All Rights Reserved