Binance Co-Founder Urges Musk to Combat Crypto Scams on X
Cryptocurrency scams are a growing issue on X.com, previously known as Twitter, and it seems not enough is being done to curb this rising threat. Binance co-founder Yi He has voiced her concerns regarding the situation and has questioned whether Elon Musk, the platform’s billionaire owner, would take necessary actions to address it. She raised this issue after encountering a scam involving impersonation on the X platform.
Yi He shared images of accounts that were clearly imitating her X handle (@heyibinance) and her real name. She explained that one of these scams was designed to deceive users into clicking a link that supposedly offered access to Binance-backed memecoins. Yi He emphasized that no such coins exist and warned that clicking the link would likely result in financial losses. “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. Is there any way to address this issue?” she posted.
According to recent reports from , the frequency of cryptocurrency scams on X.com has surged. Analysts have pointed out that scammers on the platform are responsible for a significant portion of all crypto-related fraud. Scam Sniffer, a web3 anti-scam organization active on X, reported that nearly $50 million is lost each month due to these scams, with account impersonation being a major factor.
The problem of scams and impersonations isn’t a new one and existed even before Elon Musk acquired Twitter and rebranded it as X. The controversial paid verification service introduced under Musk’s leadership, which allows anyone with a smartphone to get verified, seems to be exacerbating the issue. This service might be contributing to the public’s vulnerability to impersonation scams as it gives a false sense of trustworthiness to scammers’ accounts.
Elon Musk had previously mentioned his intentions to tackle the “bot” and “spam” issues when he took over Twitter. It remains unclear whether these intentions specifically included combating cryptocurrency scams. A quick look through Musk’s comments on the acquisition reveals multiple mentions of dealing with spam and bots but does not clearly address crypto-related fraud.
As of now, there has been no public response from Elon Musk regarding Yi He’s concerns and her post on X.com. This lack of communication leaves the platform’s users wondering if any improvements or changes will be made to protect them from these increasingly sophisticated scams.
Scams in the cryptocurrency space can often lead to significant financial losses for individuals and erode trust in both the platform and the digital currency market. This situation underscores the need for robust measures to protect users and prevent malicious actors from exploiting the system.
The onus is on X.com’s management to implement more effective security measures. Simple steps like more stringent verification processes, rapid response to scam reports, and increased user education could go a long way in reducing the incidence of scams. The community, stakeholders, and users alike look forward to seeing how X.com will address these pressing concerns moving forward.
45 thoughts on “Binance Co-Founder Urges Musk to Combat Crypto Scams on X”
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Absolutely insane! We need stronger measures against crypto scams now.
Yi He’s concerns are valid! Protecting X.com users should be the main focus now.
Elon Musk said hed fix the bot issue, but its just gotten worse with these crypto scams. Seriously frustrating!
This should be X.com’s No.1 priority right now! 📈 Security first!
Huge financial losses for users! This is a critical issue that needs addressing immediately.
Yi He is spot on. X.com must prioritize user safety to preserve trust in the platform.
Yi He raising concerns is great, but will Musk even do anything about it? Not holding my breath
Its crucial that @elonmusk tackles this issue promptly. Users trust is at stake!
It’s outrageous that this has been going on for so long and still no effective response from X.com. Fix it! 🛑⚠️
Scammers being verified?! 😲 This needs to be addressed ASAP. Thanks, Yi He!
Scams are escalating rapidly. 😟 Stronger security measures are a must. Thanks, Yi He!
So frustrating to see how rampant these scams are. 😠 X.com, please act now!
Cant believe the extent of these scams! Urgent solution needed on X.com.
Grateful to Yi He for bringing this to light. 🌟 Hoping for real action from X.com soon.
Thanks, Yi He, for speaking out! X.com needs to tighten their security measures quickly.
Elon Musk needs to step up and fix this mess on X.com! People are losing their hard-earned money daily
Nearly $50 million lost monthly, and we still get no word from Musk? Pathetic.
The impersonation scams are out of control! 😢 It’s time for effective solutions, @elonmusk.
Yi He is right to be concerned. If the platforms own co-founder is worried, that says a lot! Fix your platform!
The situation has gotten out of hand! Hope @elonmusk listens and acts swiftly!
X.coms lack of action on these scams is appalling. Elon must address this or risk losing user trust completely.
This definitely needs Elons urgent attention! Users’ safety should be a top priority.
This is seriously alarming! We need concrete actions to safeguard users’ funds!
Creating a verification system that helps scammers more than legit users is beyond negligent!
The impersonation angle makes it so much worse! X.com, please enhance user protection measures.
How many more people need to lose money before real actions are taken? Enough is enough, Elon!
I totally agree with Yi He! @elonmusk, please take immediate action to protect us from these scammers
Crypto scams are eroding trust in digital currencies and platforms like X.com. Musk, do something about it!
Yi He has made a vital point! Scams must be curbed for the sake of users’ safety.
Every time I log in, I see another scam report. How hard is it to implement better security, X.com?
Its unsettling to see how rampant these scams are. Thanks, Yi He, for raising awareness!
Kudos to Yi He for speaking up! It’s high time X.com took this issue seriously!
Absolutely agree with @heyibinance. More needs to be done to protect users from fraud.
This is a serious wake-up call. Lets hope X.com takes swift action to protect users.
It’s heartbreaking to see scams rise. Timely intervention is a must. Great job raising awareness, Yi He!
It hurts to see users lose hard-earned money. 💔 Let’s hope for a quick response from X.com!
Security on X.com really needs to be amped up. 💪 Thanks, Yi He, for bringing this up.
The paid verification system is a joke. Its making it easier for scammers to trick people. Come on!
Impersonation scams are rampant, and its clear Musk isnt addressing the real issues. Very disappointing!
Its insane how much is being lost to these scams. X.com, please take stronger action!
Thank you, Yi He, for highlighting this! Stronger verification methods are definitely needed.
Lost money to a scam on X.com, and it feels like no one cares. Where are the safeguards??
Wow, another day, another scam on X.com. When will they finally take action?
Can’t believe how bold these scammers are! Some urgent measures are definitely needed!
We need immediate steps for better security on X.com. Well said, Yi He!