Binance founder Changpeng Zhao (CZ) said in a post on the X Platform that hackers have started targeting social media accounts due to the rise of meme coins.
CZ: Hackers target social media accounts as meme coin hype grows
According to CZ, the goal of these attacks is typically to trick users by sharing fake smart contract addresses.
CZ pointed out that the security measures on many social media accounts are weak, which allows attackers to take over these accounts and use them to defraud the crypto community.
Zhao also emphasized that the official account does not endorse any particular meme coin and warned users to be careful.
The recent increased interest in meme coin projects has led to an increase in fraud incidents and social engineering attacks.
Experts advise users to only follow official announcements from verified sources and conduct careful due diligence before investing in tokens or contract addresses.
*This is not investment advice.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
