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- Binance CEO Richard Teng alerts crypto users after $2B is lost to evolving scam tactics in 2024.
- AI-driven face attacks now threaten facial recognition systems used by crypto platforms.
- Teng urges users to verify links, safeguard seed phrases, and double-check before sharing personal data.
Richard Teng, CEO of Binance, has issued a strong warning to crypto users following a sharp rise in digital asset thefts. Teng states that fraud in the crypto industry has caused damages of $2 billion this year.
Teng stressed in his post that individuals must always assume responsibility for protecting themselves against cyber threats. Users should remain vigilant and take all the appropriate measures to secure their online activities.
Fraudsters are always creating increasingly sophisticated methods to trick people into becoming victims of their scams.
Some examples are fake websites, false emails, elaborate pig-butchering schemes, and advanced social media tricks. Scammers sometimes pose as senior staff or replicate legitimate platforms to steal private keys from their victims.
After people disclose confidential information, their funds are instantly transferred away. He emphasized that individuals should never provide their seed phrase and always check the authenticity of links before providing any information.
Teng warned of the importance of evaluating circumstances and verifying information before responding to requests or entering personal data. Care should be taken to verify the legitimacy of any requests to prevent scammers from tricking people.
AI Face Scams Trigger New Binance Security Alert
Teng also warned about the increasing threat posed by AI-powered face attacks. These scams exploit AI abilities to replicate a person’s face using images found on social media or elsewhere online.
Attackers used AI techniques to overcome Binance’s facial recognition measures. The information came from personal pictures, online videos, and leaked documents.
Binance’s security experts are constantly monitoring and combating these dangerous developments. The company is blocking users who exhibit suspicious behavior and attempt to gain access to wallets using a fake identity.
Teng said Binance remains committed to enhancing its security infrastructure and staying vigilant regarding developing fraud methods. Teng urged people to be alert and not provide sensitive information to others unless they’re sure about the person’s identity.
With scammers changing their approach quickly, Teng’s warning highlights the need for users to stay on high alert. To avoid being targeted by crypto scammers, people should exercise vigilance and follow secure guidelines whenever they use digital platforms.
Also Read: Trump Set to Sign Major Crypto Laws by August, White House Insider Reveals
