Story Highlights

• Binance CEO Richard Teng warns of a rising “share-seed-phrase” scam targeting crypto users.
• Scammers trick victims by sending fake alerts claiming their wallets have been compromised.
• Teng advises skepticism, as Binance never asks for private keys or seed phrases.

Overview

Binance, the world’s largest crypto exchange, CEO Richard Teng has recently issued warnings about escalating scams in the crypto space. This includes the new “share-seed-phrase” scam, which manipulates victims into transferring their funds into fraudulent accounts.

How the Scam Works

According to Teng, scammers send fake alerts to users, falsely claiming their wallets have been compromised. To “protect” their funds, victims are urged to transfer their assets to a different wallet controlled by the scammer. The scam effectively exploits users’ emotions, particularly panic and urgency, leading them to follow instructions without verifying their authenticity. Sadly, by the time victims recognize the deception, it is usually too late.

How To Protect Yourself from the Scam

To defend against such traps, Teng offers vital advice: approach these situations with skepticism. If you receive an alarming message about your wallet, pause and take a moment to assess the situation. Always verify the source of the alert; true security notifications from Binance or any reputable platform will never request private keys or seed phrases or instruct you to send assets to unknown wallet addresses.

Some Red Flags To Keep In Mind

Beware of time pressure designed to rush you into making quick decisions. If unsure about any alert, always confirm through Binance’s official channels or customer support to ensure its legitimacy before taking any action. Remember, be cautious, take your time, and always double-check the source of any urgent request to safeguard yourself from the increasing threat of crypto scams.