Scammers are taking advantage of the recent Bybit hack to target Binance users. They are sending fake SMS messages that appear to come from Binance, tricking people into thinking their accounts are at risk.

The scam messages tell users that their Binance accounts have been compromised. Some claim unauthorized access from countries like North Korea. The goal is to scare users into taking immediate action without verifying the source.

These messages often include a link or phone number for users to contact Binance support. However, these are controlled by scammers. Once users reach out, they are instructed to transfer their funds to a “secure” wallet. In reality, this wallet belongs to the fraudsters, and victims lose their money and sensitive info and end up scratching their heads.

Hong Kong-based Web3 expert Joe Zhou, a victim of the scam, shared his experience on Linkedin. According to Zhou, he received an SMS from his usual Binance number where he always receive verification code.

Zhou warns that these scams are getting more sophisticated. He highlights the importance of user education and vigilance in preventing losses.

Binance has issued warnings on the fraud. The exchange cautions consumers that it never requests SMS financial transactions or personal information. Users, Binance said, should verify their official Binance accounts or communication channels to double-check communications.

To avoid falling for these scams, users should never click on links from unsolicited messages. Instead, users should go directly to Binance’s official website or app. Enabling two-factor authentication (2FA) and staying informed about security threats are some of the ways to prevent fraud.

Hackers lead people into the trap and force them to make hasty decisions by appealing to their emotions of urgency and fear. In panic mode, users tend to have a cloudy judgment, and fail to verify the legitimacy of a message. As a result, they give out their own personal data, and the phishing scheme succeeds, despite an exchanges’ “improved” safety net.

Zhou stated that the mention of “North Korea” caused them to panic, which led them to contact the number provided in the message.

Crypto users should always be cautious, especially after major security breaches. Scammers know that investors are already on edge, making them easier targets. Always verify messages before taking action, and report any suspicious activity related to Binance.

Featured image from CNET, chart from TradingView

127 +