Binance CEO Richard Teng Warns Against New Crypto Scam Tactics
In a recent post on X, Binance CEO Richard Teng has raised the alarm about a sophisticated scam targeting cryptocurrency users. The scammers are reportedly placing fake support calls to their victims, urging them to change their API settings, which ultimately allows unauthorized access to their accounts and potential loss of assets.
Crypto Scammers Leverage Sophisticated Strategies
The landscape of cybercrime is ever-evolving, with cybercriminals continually refining their tactics. These actors are now employing more sophisticated strategies, including impersonating reputable organizations to exploit the trust of cryptocurrency users. According to Teng, these scammers exploit users’ trust in Binance to deceive them into compromising their accounts.
Ring, ring! Could be a scam. ☏
We’ve seen a new scam: fake support calls trying to get you to change your API.
Remember, we’ll never ask for your passwords or credentials over the phone.
Stay vigilant.
— Richard Teng (@_RichardTeng) August 26, 2025
These fraudsters often mimic official communication channels, requesting users’ personal information to gain unauthorized account access. Teng emphasizes, “Remember, we’ll never ask for your passwords or credentials over the phone. Stay vigilant.” Less tech-savvy individuals, particularly the elderly, are at greater risk of falling victim to such scams. Scammers also employ SMS and phishing emails in their operations.
Earlier in the year, Binance issued warnings about a surge in SMS phishing attacks, where scammers masquerade as trusted companies and alter the sender’s number to make messages appear legitimate. These messages often trick recipients into believing they are part of a genuine conversation with the company. Binance has committed to enhancing features that help users verify the authenticity of such messages, emphasizing user protection as its top priority.
Social Engineering Scam Results in $91 Million Loss
Crypto scammers often employ direct strategies like social engineering to deceive victims. Recently, a victim lost 783 Bitcoin, valued at $91 million, in a social engineering scam. According to crypto analyst ZachXBT, the attackers posed as representatives from a crypto exchange and wallet support firm, manipulating the victim into surrendering personal details. This incident was not due to a technical flaw but rather a case of manipulation.
In a separate incident, decentralized liquidity protocol Aave suffered an attack shortly after announcing it had surpassed $60 billion in net deposits. The scammer(s) successfully executed the exploit by leveraging Google Ads to mislead unsuspecting crypto users.
Binance continues to prioritize user safety by issuing warnings about suspicious activities. However, users must also remain vigilant and proactive in securing their funds.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/binance-ceo-sounds-alarm-on-new-crypto-scam-targeting-users/
