Binance Employee Exposes New Scam Attempt Targeting Exchange

• After a user's fraudulent claim that money was taken by a phony executive, Binance said it had discovered a self-planned scam.
• Probes within the company revealed discrepancies in chat logs and transfers, with on-chain data indicating that the user's wallet started the transaction.
• Retail sentiment on Stocktwits around BNB remained in ‘bullish’ territory over the past day as the token traded higher despite the incident.

A Binance employee said on Tuesday that the cryptocurrency exchange platform uncovered a new scam attempt.

In a post on X, a Binance employee, Sisi, said the case initially appeared to be a routine executive-impersonation scam but was later identified as “a self-orchestrated scam targeting Binance and its users” following an internal investigation.

How The Scam Unfolded

Binance customer service received a complaint from a user who claimed they had been scammed by someone posing as a Binance executive. The user reported that the supposed executive offered assistance with an issue and then disappeared after the funds were transferred. The user submitted screenshots of a Telegram chat and a transfer record, but both raised concerns. “The chat [had] just one page from start to finish,” the post said, noting that no verification steps were taken before the funds were sent.

On-chain analysis later showed that the wallet address the user claimed belonged to the scammer was actually the address that initiated the transfer. Binance also found that the transfer record originated from an escrow platform, further undermining the claim.

Binance Coin (BNB) was trading at $864.24, up about 1.4% over the past 24 hours. On Stocktwits, retail sentiment around BNB was in ‘bullish’ territory over the past day, with ‘normal’ levels of chatter.

Binance Says Evidence Was Fabricated

When asked for real-time chat logs, the user said the history had been deleted due to privacy settings. Binance later confirmed that the executive account shown in screenshots was real and uncompromised, and that the executive had no prior contact with the user. 

After reviewing the evidence, Binance concluded the user had fabricated records and staged a confrontation in an attempt to force a response. “Binance will never proactively contact users through unofficial channels,” the post said.

Read also: Brian Armstrong Warns Stablecoin Interest Ban Could Hand Advantage To China’s CBDC

For updates and corrections, email newsroom[at]stocktwits[dot]com

Share

·

Add us on