Alert from Binance’s Co-Founder
Changpeng Zhao, commonly known as ‘CZ,’ co-founder of Binance, has once again raised the alarm for the crypto community. He has warned investors about the rising number of fraudulent social media profiles. These fake accounts are strategically designed to deceive investors by impersonating prominent figures in the cryptocurrency world.
Details of the Fake Account Scandal
On a recent Monday, CZ took to the social media platform X to alert his nearly nine million followers. He shared a concerning post from a community member that highlighted the issue of impersonation. According to the details, several accounts have been attempting to mimic Binance’s former CEO and Yi He, another co-founder and Chief Customer Service Officer at Binance.
These fraudulent profiles claimed to represent “Chinese accounts” for investors, using the legitimacy of verified accounts to gain trust. Unfortunately, these impersonators managed to accumulate approximately 60,000 followers before their accounts were suspended. This incident underscores the need for vigilance among investors when interacting online.
CZ’s Call to Action
Yi He, acknowledging the post, made it clear she only operates one account on X. Meanwhile, CZ issued a direct plea to investors, encouraging them to report any suspicious accounts impersonating him or other key figures. He emphasized, “Beware of fake ‘cz’ accounts out there. I am only using this (@cz_binance) X account. All other accounts with ‘cz_…’ are fake, imposters, or scammers.”
This situation highlights the ongoing misuse of verified accounts to mislead unsuspecting users across various industries. Hence, CZ has urged the team at X to enhance their efforts in eliminating these fake accounts.
Other Platforms Also Affected
In addition to X, another user reported the existence of several fake profiles on Facebook, pretending to be associated with Binance’s top brass. This indicates that the issue spans multiple social media platforms, requiring a concerted effort from both platform administrators and users to tackle the problem effectively.
CZ’s Current Status and Future Plans
After serving a four-month sentence related to US money laundering charges, CZ returned to the public eye on September 27. His reappearance was highly anticipated, with some humorously speculating that his return might influence market prices. However, he has chosen to remain relatively inactive on social media, opting to enjoy some “quiet time.”
In his first statement since being released, CZ asked the community to allow him some time to “chill.” Nevertheless, he acknowledged the need for his presence online due to the increasing activity of “bad actors” in the crypto space. He reassured his followers that he would return to regular postings eventually.
Ongoing Battle Against Deepfake Scams
Today’s warning from CZ marks the second alert he has issued since his release. The previous warning concerned the emergence of deepfake videos—videos manipulated using artificial intelligence to falsely depict him promoting cryptocurrencies. These videos have become an alarming tool for scammers, utilizing the likenesses of notable figures such as Michael Saylor, Elon Musk, and Donald Trump to propagate fraudulent tokens.
Investor Vigilance is Crucial
Investors are strongly advised to remain cautious about any dubious posts or offers from seemingly legitimate profiles. It is crucial to implement robust security measures and refrain from sharing personal information online. The volatile nature of the crypto industry necessitates a heightened awareness of potential scams.
As of the latest reports, Binance Coin (BNB) is trading at $607, reflecting ongoing fluctuations in the market. Investors are encouraged to stay informed and alert to safeguard their investments.
