Binance CEO Richard Teng has obtained an official account for the X social media platform and shares important warnings about Web3 wallet security with the BNB community.
He also shared a link to a recently published Binance article on blockchain rectification fraud. This underscores the important importance of this issue not only for BNB owners, but also for the crypto community in general.
“Best defense from con artists” for each Binance Boss
“Vision is important,” Richard Teng said when it comes to keeping your crypto wallet safe. Therefore, he should not “ruch” someone to fix the user “urgently”.
He emphasized that cryptocurrency fraudsters always play based on urgency, so the best defense against them is “knowledge and attention.”
Web3 wallets are key to blockchain, but vigilance is important.
・Never import seed phrases someone gives you
・Do not hurry to fix “urgent”Scammers take advantage of urgency – your best defense is knowledge and attention.
Read more 👇https://t.co/ipbsll8vxs
– Richard Ten (@_richardteng) February 12, 2025
An article shared by Teng cites several major types of scams used by bad artists to get users’ cryptography.
Frequently used scam types
One of the most “popular” scams is the “wallet fix” scam. These websites claim to fix issues related to crypto wallets, such as access issues and transactional errors. This article calls it a “persistent threat” that exploits user complaints and leverages urgency to see wallet-related issues as soon as possible.
These scam websites also provide solutions to “slip errors, transaction failures, or migration issues”, stealing user seed phrases in the process, and ultimately ending up stolen your own cryptography. It could be connected.
Another dangerous type of scam highlighted in the Binance article was “seed phase traps.” This scam causes users to play with curiosity and greed. It feeds them and then makes them interact with wallets under criminal control.
Often, these fake wallets often offer users “free” coins with USDT. However, the balance is not sufficient to cover transaction costs, so users are offered to add some funds from their wallets. When he or she connects his wallet, a small amount of code falls into the hands of the scammer.
To protect yourself from such fraud, it is important to avoid contact with publicly shared wallets and seed phrases, calmly and hurry to avoid decisions, and avoid sharing seed phrases online. That’s, Binance warns.
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