Binance co-founder Changpeng Zhao recently warned the crypto community about a wave of fake social media accounts targeting investors. The former CEO, also known as âCZ,â called out Xâs team, urging them to be more efficient with fake accounts.
đžBinance Co-Founders Warn The Community
On Monday, Binanceâs Changpeng Zhao took X to warn his nearly nine million followers about fake social media accounts targeting crypto investors. CZ shared a post from a community member exposing the issue.
Per the original post, some accounts impersonated Binanceâs former CEO and Yi He, co-founder and Chief Customer Service Officer at the crypto exchange. The profiles claimed to be Yi He and Zhaoâs âChinese accounts,â specifically made for investors in China.
The impersonators used profiles created between May 2018 and May 2021 and displayed Xâs blue verified mark to trick investors, gathering around 60,000 followers before being taken down.
Yi He acknowledged the post, clarifying she only has one X account. Meanwhile, CZ urged investors to be wary of these accounts and others alike, urging them to report any profile impersonating him:
Beware of fake âczâ accounts out there. I am only using this (@cz_binance) X account. All other accounts with âcz_âŠâ are fake, imposters, or scammers. Please report them as you see them.
The former Binance CEO noted the ongoing use of verified accounts to potentially trick unsuspecting users by impersonating key figures in most industries. Zhao called out Xâs team, âI hope X do a better job on cleaning these fake accounts,â he wrote.
Moreover, another X user warned of several fake Facebook profiles pretending to be the crypto exchangeâs co-founder.
đžCZ To âChillâ A Little Bit Longer
CZ served a four-month sentence after pleading guilty to violating US money laundering laws while in charge of Binance. Many users awaited Zhaoâs return to the social media platform, with many jokingly suggesting that his return would skyrocket the market prices.
However, CZ has not been very active on social media since his release on September 27. In his first statement after his release, Binanceâs co-founder asked the community to let him âchill for a bit,â which he acknowledged again today.
In a reply, an X user asked him to regularly post again, as âbad actors are getting out of control.â Zhao announced that he would but is enjoying his âquiet timeâ for now.
Todayâs warning is the second alert issued by CZ since being released from prison. As reported by Bitcoinist, Binanceâs co-founder alerted investors about deepfake videos of him circulating online. These videos, created with artificial intelligence (AI), âshowedâ the former CEO âpromotingâ cryptocurrencies on various social media platforms, including YouTube.
Deepfake videos have become popular among scammers targeting the industry, with the likeness of figures like MicroStrategyâs Michael Saylor, Elon Musk, Donald Trump, and Solanaâs Anatoly Yakovenko used to promote fraudulent tokens.
It is recommended that investors stay vigilant about suspicious posts and offers from legitimate-looking profiles, implement strong security measures, and donât share their personal information online.