Australian law enforcement, in collaboration with Binance Australia and the National Anti-Scam Centre (NASC), has issued a warning about a sophisticated Binance impersonation scam targeting crypto investors.
More than 130 potential victims have been identified after messages from scammers surfaced on an encrypted platform. These fraudulent messages claim that the recipient’s Binance account has been breached, and include fake verification codes to make the scam appear legitimate.
How the Scam Works
- Victims receive messages impersonating Binance, warning of an alleged security breach.
- Fake verification codes are included to build credibility.
- The message urges victims to call a support number for assistance.
- Scammers then convince users to transfer funds to a so-called “trust wallet,” which they control.
- Once transferred, the funds are moved through multiple wallets, making recovery nearly impossible.
Authorities Urge Immediate Action
What to Do If You’re Targeted
Australian Federal Police Commander Graeme Marshall advised investors to take immediate action if they receive an alert:
- Do not transfer any funds or share personal details.
- If you’ve already sent crypto, report it to your bank or exchange immediately.
- File a report via ReportCyber using reference AFP-068.
Binance and ACCC Warn Users
- Catriona Lowe, Deputy Chair at the Australian Competition and Consumer Commission (ACCC), urged users to verify all communications, even from trusted organizations.
- Jimmy Su, Binance Australia’s Chief Security Officer, reminded users to never share seed phrases and always verify through official Binance tools.
“Never share sensitive information like your seed phrase or transfer funds under pressure. If in doubt, stop and verify through official sources.” — Jimmy Su, Binance Australia
How to Protect Yourself from Crypto Scams
- Double-check messages from exchanges and verify through official Binance channels.
- Never share private information like passwords, seed phrases, or verification codes.
- Avoid transferring funds based on SMS or email requests.
- Report suspicious messages to authorities immediately.
With crypto scams on the rise, staying alert and verifying all communications is crucial to safeguarding your digital assets.