HomeNewsCrypto ScamsBinance Co-Founder’s Likeness Used in Impersonation Scams on X, Asks Elon Musk...

Binance Co-Founder’s Likeness Used in Impersonation Scams on X, Asks Elon Musk to Step Up


Scammers on X are impersonating crypto founders, influencers, and well-known celebrities to prey on unknowing crypto users. In the latest events, scammers used Yi He’s likeness to set up fake accounts and lure crypto holders.

Most recently, the fake accounts spoke about giving users free Binance-backed memecoins. The posts contained links that would take users to pages where they could connect their wallets. Such tactics are a tale as old as time. Scammers access user wallets this way and steal their contents.

Concerned about her image used this way for such purposes and Elon Musk’s social media platform not doing much about it, she wrote on the platform, “I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen. 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’s statements when buying X (still Twitter then) emphasized the bot and fake account problem plaguing the platform and how he would fix it. Looks like that remains unfixed. Crypto holders fall for these scams in droves, reflecting the number of scammers using X to deploy their tactics.

Statistics reveal that a significant chunk of scams in the crypto place stem from X. Some sources state scammers on X are responsible for causing $50 million in losses monthly. That number is concerning, considering the number of users logging into the platform daily.

As crypto becomes more mainstream, scammers will find new victims without trouble. That is until Musk takes charge to address this issue and make X, housing millions of crypto users, safe. While he has spoken about addressing it numerous times since buying the platform, there appears to be no solution for now.

Image by raju shrestha from Pixabay


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