Here's Why Binance Bans 297 Accounts

Binance announced that after the Megadrop IEO event, it banned around 300 accounts - 297 to be precise. The reason? Sybil attacks. Airdrop hunters use various sophisticated strategies to get as many free tokens as they can. However, more projects are implementing strategies to fight farmers.

Over a million users participated in the Megadrop IEO event, demonstrating a high level of user participation. Yet despite enormous interest, 102,000 accounts were found to be fraudulent by Binance's risk control procedures. As more accounts are examined, this number is updated continuously. Users of Binance have been reassured by the company that only fraudulent accounts are the focus of the risk control procedures. There is no need for genuine users to be concerned about their accounts being impacted.

Binance users can use the online customer support portal to file a complaint if their account has been mistakenly classified as fraudulent. The support staff is dedicated to finding quick solutions to these problems so that real users do not have to suffer. As airdrop hunters use more advanced tactics to take advantage of free token distributions, Sybil attacks have grown to be a serious threat in the cryptocurrency space.

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