Binance Cofounder Yi He Alerts Community to Impersonation Scams

Binance co-founder Yi He has warned about a fake account impersonating her. This fake account has been associated with a scam that resulted in the loss of 60 Ethereum (ETH).

Binance Cofounder on Impersonation and Scams

Yi He, the co-founder of Binance, the largest cryptocurrency exchange, took to her official X account (@heyibinance) to alert her followers of an impersonator posing as her to defraud people.

This impersonation resulted in financial loss for at least one user, calling for this high-profile warning. Yi He has stated that @heyibinance is her only real social media profile and she only supports Binance Coin (BNB).

I noticed that a fake account has impersonated me and some users have been scammed. It’s been reported to me that someone has clicked into a malicious link and 60 ETH was stolen.@heyibinance is my only account. And $BNB is the only token that I endorse.

Please stay alert to… pic.twitter.com/A91lxN7a5z

— Yi He (@heyibinance) June 14, 2024

This is not the first time such a thing has happened in the cryptocurrency space, as scammers often use the influence of celebrities to carry out their fraudulent schemes. Yi He called on the public to be on the lookout for such schemes and report any such cases to the authorities to avoid such incidences in future.

Vigilance in Crypto Transactions

After this, Binance customer support has emphasized on the importance of checking the authenticity of any information and the identity of people saying that they are from Binance exchange. This entails confirming the links available on the Binance website and ensuring that the communication is done through the right channels like email, phone, and social media accounts.

This advisory is part of the series of measures that Binance takes to raise awareness of its users about the security measures that should be taken during the interaction with the site, due to the growing frequency and efficiency of fraud schemes on the Internet aimed at users of the crypto community.

To prevent this, users are urged not to click on unknown links or scan unfamiliar QR codes and should always confirm through official sources.

Ongoing Security Measures

The crypto community has experienced similar impersonation scams, including fake LinkedIn profiles offering token listings on Binance for hefty fees.

Moreover, in January this year, Yi He posted that she did not engage much on LinkedIn and that she doesn’t participate in token listing discussions; making a call for community education and vigilance.

There have also been fraud cases related to WhatsApp and other messengers, where people are offered fake passive income by fake Binance employees. Binance has, however, stated that it does not support such groups and has encouraged the community to ensure that such offers are genuine.

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