Binance co-founder Yi He expressed concern about the spread of cryptocurrency fraud on the social media platform X, owned by Elon Musk.

Ye Hee recently took to the app and wondered if Musk would take action to combat the issue. Yee Hee's concerns are about specific scams taking place on the X platform. She shared images of accounts that were clearly imitating and impersonating her Access to MEME coins powered by Binance.

Ye Hee explained that none of these currencies have been issued, and that clicking on the link may result in the loss of funds.

The participating institution wrote the following in a post on the platform: “I have not issued any new MEME coins. Clicking on the link may result in your money being stolen.”

“Many people were scammed by this malicious link and lost a huge amount of money today. Is there a way to address this problem?

Increase in the number of cryptocurrency scams on the X platform

X hacked accounts used to promote scams

Since the beginning of 2024, several accounts on X of major companies and cryptocurrency influencers have been subjected to scams, in order to attract more customers to fake offers.

In January, the US Securities and Exchange Commission (SEC) account on X was hacked to make a false announcement about approvals for Bitcoin ETFs.

The security team at X later attributed the breach to a SIM swap attack linked to the official phone number of the @SECGov account. Experts believe that the latest Microsoft account hack is similar to previous attacks and that the attack resulted from a SIM replacement operation.

In the same way, the accounts of Netgear and Hyundai MEA were targeted. Scams designed to infect potential victims are carried out with malware that drains cryptocurrency wallets.

Furthermore, in January, cryptocurrency data aggregator CoinGecko suffered a security breach when their account fell victim to a phishing attack.

A fraudulent link was also posted on their X account over a short period on January 10, falsely informing users about the distribution of CoinGecko tokens.

Hackers promoted a new cryptocurrency called GCKO in a fraudulent post, claiming that it could be used to pay for API services like the ANKR cryptocurrency.

Cryptocurrency scams on the

Scam Sniffer, the web3 anti-fraud company based on

While these phenomena existed before Elon Musk took over the platform, the confusion surrounding the new owner's controversial paid verification service may contribute to the exacerbation of the phenomenon of scams and the continued public vulnerability regarding impersonation scams and the resulting harm.

The service allows all smartphone holders to register and receive verification, which may increase the difficulties of distinguishing between real and fraudulent accounts.

Although Musk has already indicated his intention to address the “bot” and “spam” issues surrounding the platform, it is not yet clear whether he has specifically addressed cryptocurrency-related scams.

To date, Musk has not responded to Ye Hee's post on X.com.