Important notes
Binance users are increasingly falling victim to scammers who launch fake cryptocurrencies on decentralized exchanges (DEX) and misrepresent them as official Binance Launchpool tokens.
These scams are carried out through fake “pre-sales” on temporary Telegram groups and websites, and these sales have nothing to do with official Binance Launchpool activities. Always be wary of promises that seem too good to be true, because real large-scale investors do not openly share their “magic formula” with everyone.
It is your responsibility to verify the legitimacy of assets you purchase outside of Binance. Crypto transactions are irreversible. Therefore, Binance is not responsible for lost assets.
Further increase your crypto knowledge and protect yourself from the latest digital asset scams. Begin this process now.
Scammers are creating temporary Telegram groups and websites and promoting these tokens as “presales,” which is a vastly different approach from the standard official Binance Launchpool apps. These scams often lure people into traps with the lure of impressive returns.
One important rule of thumb you should always keep in mind is this: If an investment opportunity seems too good to be true, it probably is. People who have built a significant fortune by making smart investments do not openly share their "magic formula" with everyone.
Screenshot shared by victims of a fake token being advertised in a Telegram group with the contract address
Binance Launchpool
Binance Launchpool is a program that makes new and legitimate coins available to everyone. Users can stake their BNB or stablecoins to earn returns on these new tokens, which are listed only on the Binance exchange, ahead of all other trading platforms, including DEXs. Users can participate in Binance Launchpool initiatives only through our app or website. If a program presents itself as part of Binance Launchpool but is outside of our platform, it is most likely fake.
To stay informed about our latest Launchpool initiatives, we encourage you to subscribe to our official social media channels, such as the official Binance These platforms provide the most accurate, real-time information about our upcoming Launchpool programs.
Binance Web3 Wallet
Binance Web3 Wallet is a wallet where users have control of their assets. This means that while the wallet is a great tool for managing your crypto investments, it is your responsibility to verify whether the coins you intend to purchase from places outside of the Binance platform are legitimate. Always contact Binance customer service to clarify any issues and please take the time to educate yourself. Binance cannot be held responsible for any asset losses that users experience as a result of purchasing fake tokens or any financial losses they experience through their wallets. Crypto transactions on the blockchain network are irreversible, so it is often impossible to recover stolen funds.
Binance's Protective Measures
At Binance, protecting and educating our users is our top priority. We have included the following procedures among our various protective measures to protect you against fake Binance Launchpool products.
1. Pop-ups with warnings
Binance is showing pop-ups with security warnings reminding users of potential scams ahead of the launch of the new Binance Launchpool tokens. Messages in these pop-ups also include a link to our official announcement page for those interested in learning more about the upcoming launch. These pop-ups containing security warnings end when coin trading begins.
Screenshot of the warning we sent to Turkish users
“Scam Alert: Fake Launchpool token sales via DEXs. Omni token is NOT available yet! It will first be available on Binance's official exchange as of 15.00 (UTC) on 17/04/2024.
2. Integrated safety alerts system
We are also working with our wallet services and decentralized exchange partners to integrate a proactive security alert solution outside of the Binance platform. This system, offered by HashDit, one of Binance's security partners, warns users about potentially suspicious blockchain addresses and tokens.
When using PancakeSwap, the exchange page allows you to select the token you want to exchange by entering the contract address or the name of the contract.
When you press Import, you are taken to the information page where HashDit displays the Risk Level of the contract. When you hover your cursor over the contract, it provides a description of the associated risks that may arise if you continue to interact with the contract. If more information is available, there is an additional option to view it in RedAlarm.
Screenshot of a risk warning on PancakeSwap DEX
Stay Safe
You definitely need to be careful when using your crypto wallet. With the increase in the use of crypto money, many investment opportunities have emerged. However, we always state that it is necessary to be careful and thoroughly investigate these "opportunities". Paying close attention to details, carefully examining the source of information, and ensuring its authenticity are practices that should never be taken lightly.
For those who don't know, a token contract address is a unique identifier for a particular token on the blockchain. It is like the token's "home address" on the blockchain. Each token has a unique contract address and corresponding blockchain network. This information can enable you to verify the legitimacy of a token before purchasing it.
If you don't know how to check a token's contract address and what that address means, we highly recommend you do some research and educate yourself before deciding to buy any coin outside of Binance. Spending a little time can save you from possible big losses. When in doubt, do not hesitate to contact our customer service to clarify your questions.
Remember that being informed and informed about the developments is the first step in making solid investments in digital assets.
Additional Reading
Disclaimer: This content is provided to you "as is" for general information and educational purposes only, without any representation or warranty of any kind. This content should not be construed as financial advice and is not intended to recommend the purchase of any particular service or product. Digital asset prices may fluctuate. The value of your investment may fall as well as rise and you may not get back the amount you invested. You are responsible for your investment decisions and Binance accepts no liability for any losses incurred. It is not investment advice. For more information, please see our Terms of Use and Risk Warning sections.
