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Elon Musk‘s social media platform X, is facing criticism for not effectively preventing cryptocurrency scams. Binance co-founder Yi He recently voiced her concerns, urging Musk to address the issue of impersonation scams that are deceiving users and causing significant financial losses.
Yi He highlighted a specific scam where fraudsters impersonated her on X, directing users to click on a link that she falsely claimed to offer Binance-backed memecoins. She clarified that no such coins exist and warned that clicking the link would result in theft of funds. She posted images showing fake accounts imitating her handle (@heyibinance) and her name, stating:
“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 proliferation of cryptocurrency scams on X has been a growing concern. According to analysts, scammers on the platform are responsible for a large portion of all crypto scams. Web3 anti-scam company Scam Sniffer reported that nearly $50 million is lost each month due to account impersonation on X.
These issues have existed long before Musk’s acquisition of Twitter and its rebranding to X. However, confusion surrounding Musk’s controversial paid verification service, which allows anyone with a smartphone to register and receive verification, might be exacerbating the problem. This service has made it easier for scammers to impersonate legitimate accounts, leading to more users falling victim to fraud.
Musk has previously stated his intention to tackle “bot” and “spam” problems on the platform, but it remains unclear if he has addressed the specific issue of cryptocurrency scams. As of this article’s publication, Musk has not responded to Yi He’s post on X.com.
The ongoing issues with cryptocurrency scams underscore the need for stronger measures to protect users. The crypto community and social media platforms must collaborate to develop more effective security protocols and raise awareness about potential threats to safeguard users from financial losses.
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