Binance co-founder Yi He has publicly called on Elon Musk to address the growing issue of cryptocurrency scams on the social media platform X. Yi He highlighted a specific impersonation scam that has led to significant financial losses for users.

Key Takeaways

• Binance co-founder Yi He has raised concerns about cryptocurrency scams on X.
• Impersonation scams on the platform have led to significant financial losses.
• Nearly $50 million is lost each month due to account impersonation on X.
• Elon Musk has yet to respond to Yi He’s concerns.

Yi He’s Public Appeal

Yi He took to X to express her concerns about the proliferation of cryptocurrency scams on the platform. She shared images of accounts that were clear imitations of her X handle (@heyibinance) and her real name. One specific scam directed users to click on a link promising access to Binance-backed memecoins. Yi He clarified that no such coins had been issued and that clicking the link could result in the loss of funds.

“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?”

The Scale of the Problem

Cryptocurrency scams have thrived on X, with analysts attributing a significant portion of all crypto scams to scammers on the platform. Scam Sniffer, a web3 anti-scam company present on X, conducted an analysis revealing that nearly $50 million is lost each month due to account impersonation on X.com.

Historical Context and Current Challenges

While these problems existed prior to Elon Musk’s involvement in the platform, the confusion surrounding the new owner’s controversial paid verification service may contribute to the continued vulnerability of the general public to impersonation scams. The service allows anyone with a smartphone to register and receive verification, potentially adding to the challenges faced in distinguishing genuine accounts from fraudulent ones.

Previous Incidents

Since the beginning of 2024, several X accounts of major companies and crypto influencers have fallen victim to scams designed to lure more customers into fake promotions. Notable incidents include:

• January 2024: The US regulator SEC’s X account was hacked to issue a fake announcement on Bitcoin ETFs approvals.
• January 2024: Cryptocurrency data aggregator CoinGecko experienced a security breach when their account fell victim to a phishing attack.
• Other Targets: Accounts for Netgear and Hyundai MEA were also targeted by crypto scammers.

Elon Musk’s Response

Although Musk has indicated his intention to address “bot” and “spam” issues surrounding the platform, it remains unclear whether he has specifically addressed cryptocurrency scams. As of now, Musk has not responded to Yi He’s post on X.com.

Sources

• Binance co-founder beseeches Elon Musk to address cryptocurrency scams on X, Cointelegraph.
• Binance Co-founder Urges Elon Musk to Tackle Cryptocurrency Scams on X, Cryptonews.

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