Caution: Scammers impersonate Binance to lure crypto traders into fake investments

Caution: Scammers impersonate Binance to lure crypto traders into fake investments
11 months ago
2 mins read

Binance exchange and Binance Coin (BNB) themed scam has been identified by the Malware Hunter Team behind the free ID Ransomware website that assists victims in determining the kind of malicious software that locks data.

Thankfully, the team picked up on the bogus website claiming to be the official Binance page supposedly releasing their ‘Latest News’, and posted the finding on their Twitter page on November 1, 2021.

The Malware Hunter Team, which identifies over 600+ ransomware families by specific filename extensions and patterns, ransom note titles, recognized hex patterns, email addresses, and BitCoin addresses, identified the false link (https://binancesupport.vip) which presents users with a phony QR code for them to deposit Bitcoin (BTC) into the smart contract blockchain.

Binance scam page. Source: (https://binancesupport.vip/) – Scam site

Scam Binance website offers 12% profit

It’s worth mentioning that users should always exercise care and double-check that the Binance page is validated and that their Binance account, or any other crypto platform for that matter, is safe to avoid falling prey to these false announcements and losing their money.

As for example, the fraudulent website states:

“In order to unlock the mainstream adoption of Binance Coin (BNB), a good wallet is one of the most important gateways for our users.”

In addition, the hoax link includes the following in its fabricated announcement:

“Now team up with the high-quality wallets that have supported our Binance Chain since the beginning, we jointly launch the Binance Chain smart contract. Use the smart contract to trade your BTC or ETH to BNB, and it generates an extra 12% as your profit, which we committed to a total of 600,00 BNB.”

Binance scam page announcement. Source: (https://binancesupport.vip/) – Scam site

The scammers stipulate that the BTC Smart contract requires a minimum sending volume of 1 Ethereum (ETH), which is now priced at $4030, or 0.1 BTC, which is currently valued at $6,200, respectively.

Finally, investors should exercise caution when investing money in cryptocurrency exchanges and crypto wallets carrying out due diligence to prevent themselves from being subject to scams and other spurious activities.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.