23 April, 2024

Hong Kong Police Issue Warning Amidst Surge in Binance Phishing Scams

10 Oct, 2023

06 Dec, 2023

  • The Hong Kong police have reported a surge in reports of citizens falling prey to a Binance phishing scam.
  • In the past two weeks, 11 incidents have been recorded, involving 3.5 million yuan ($400K) in illicit transfers from Binance accounts.
  • To combat these scams, authorities have issued an alert on the “Net Keeper” social platform, emphasizing caution in virtual investments. 

The Hong Kong police disclosed a notable increase in the volume of reports from citizens who have fallen victim to a Binance phishing scam, seeking assistance from the law enforcement agency. Over the course of the last two weeks, authorities have recorded a total of 11 incidents, resulting in the illicit transfer of virtual assets from Binance accounts, amounting to a staggering 3.5 million yuan ($400K).

Per the alert issued on the “Net Keeper” social platform, law enforcement officials have disclosed a concerning surge in fraudulent activities involving phishing text messages impersonating Binance, the world’s leading cryptocurrency exchange. These deceptive messages, once clicked upon, enable scammers to pilfer users’ Binance accounts, facilitating unauthorized transfers and subsequent depletion of assets.

In light of these incidents, the police have urged citizens to exercise utmost vigilance while engaging in virtual investment endeavors. To enhance awareness and prevent falling victim to such scams, the authorities have emphasized five critical precautions for potential investors.

Individuals are advised to exercise due diligence and exercise caution when investing, remaining cognizant of the inherent security risks associated with various platforms and networks. It is imperative to select virtual asset trading platforms licensed in Hong Kong for investment purposes. A comprehensive list of authorized Virtual Asset Trading Platforms is available for reference.

To safeguard significant sums of virtual assets, users are encouraged to store them in offline wallets, minimizing the risk of unauthorized access and potential theft. In the event of receiving suspicious phishing messages, users should refrain from immediate action and instead, verify the message’s authenticity with the official organization. Alternatively, they can utilize the “Anti-Fraud Video Device” and “Anti-Fraud Video App” for verification purposes.

Recently, reports surfaced detailing one of the largest crypto phishing incidents ever documented. According to these reports, the victim, identified by the address 0×13…179e, suffered a substantial loss of $24.23 million in stETH and rETH. This unfortunate event transpired as the victim unwittingly became ensnared in the scam, signing an “increase allowance” transaction, thereby granting the fraudsters unauthorized token approval.In a parallel news reported earlier, Hong Kong-based cryptocurrency-focused venture capital firm, CMCC Global, managed to secure an impressive $100 million for its Titan Fund.



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