Binance CEO Warns About The Latest Scams In Crypto
You might have heard about the latest crypto scam where the victim lost $20 million USDT. Binance CEO Changpeng Zhao, CZ tweeted about it and warned the crypto community to stay safe. The surprising thing is, Tether put the scammers' address on the blacklist immediately within 1 hour.
Maybe you are wondering about who the person is becoming a victim and Tether took action so quickly to blacklist the address. According to Binance CEO, that person is a very experienced crypto operator. After noticing the mistake of sending USDT to the wrong address, that person quickly informed Binance about that.
Binance made a request to freeze the USDT and Tether did that. Quick action after any mistake can help find a solution. Scammers successfully stole the USDT but failed to get away with that. Maybe that person has a high connection or gets lucky. If an experienced crypto operator can fall for scams and send crypto to the wrong address, it can happen to others.
We usually look for convenience. We will usually choose the convenient one, and there is nothing wrong with that. But if that can be a reason behind making a costly mistake, it is better to avoid that. Scammers target potential victims and generate addresses matching starting and ending characters of the address where victims send crypto. Then they send 0 tokens to that address that shows up in the potential victim's history.
In case the potential victim copies the address from the history and does not check the address properly, he will send crypto to the wrong address. The victim sends crypto to the scammers' address on his own if somehow scammers convince him or trick him to do so.
Scammers are getting better to trick people. They use advanced tactics to launch their attacks in order to exploit and hack. You can invest and build your crypto assets. You will find it more challenging and difficult to protect your crypto assets.
You need to change your habit of picking up the address from history to make transactions, in case you usually do that. Losing your crypto assets is one of the most painful lessons. Hope no one has to learn this lesson the hard way.
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It's nice to see them take action quickly. The scammers are getting quite creative and even the experienced people can fall for them if they aren't careful.
Yes, we need to be careful. Even experienced people fall for crypto scams these days.
thanks for this update and vital information.
Thank you for taking the time to read this post.