The co-founder of leading cryptocurrency exchange Binance has raised concerns about the prevalence of cryptocurrency scams on Elon Musk’s social media platform, X (formerly known as Twitter). Yi He took to the platform to urge Musk to take action against these fraudulent activities, which have resulted in significant financial losses for unsuspecting users.
In her post, Yi He highlighted a specific impersonation scam where accounts blatantly imitated her handle and name. These fake accounts directed users to click on a link promising access to Binance-backed memecoins, a claim that Yi He swiftly debunked. She warned that clicking on the link could lead to the theft of users’ funds, stating, “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.”
Cryptocurrency scams have long been a problem on social media platforms, but the issue seems to have escalated on X. According to Scam Sniffer, a web3 anti-scam company active on X, nearly $50 million is lost each month due to these fraudulent activities, with account impersonation being a major contributing factor. While these problems existed before Musk’s acquisition of Twitter and its subsequent rebranding, some experts suggest that the confusion surrounding the platform’s paid verification service may have exacerbated the issue.
Despite Musk’s initial promises to address bot and spam problems on the platform, it remains unclear whether he has specifically addressed the growing concern of cryptocurrency scams. Yi He’s public appeal highlights the urgency of the matter and the need for proactive measures to protect users from falling victim to these sophisticated scams.
