Exchange Token Listing Scams Make a Comeback Amid Crypto Market Recovery

by Jan 30, 2024CryptoNews0 comments

Amid the recovery of the cryptocurrency market, scams related to exchange token listings have resurfaced, posing a threat to unsuspecting investors. One such scam involves the impersonation of Binance co-founder Yi He on LinkedIn, where the imposter offers token listings in exchange for payment. However, Yi He clarified that she no longer has access to her LinkedIn account and is not involved in discussions regarding potential listings. Additionally, screenshots revealed individuals pretending to be Binance staff on WhatsApp, enticing users with promises of free money for joining cryptocurrency discussion groups. Binance’s customer support advised users to verify the authenticity of individuals reaching out by using official links and avoiding unofficial sources.

Exchange token listing scams gained prominence during the previous bull market. Investigations conducted in August 2022 revealed that scammers often approach project developers and co-founders using seemingly legitimate LinkedIn profiles from reputable exchanges. Victims are tricked into making an initial “deposit,” which can amount to significant sums, to initiate the listing process. Unfortunately, once the deposit is made, the token is never listed. The resurgence of these scams serves as a reminder for investors to exercise caution and conduct thorough research before engaging in any token listing offers.

It is crucial for users to remain vigilant and only interact with verified sources to mitigate the risks associated with these scams. The focus should be on using official website links, email addresses, phone numbers, WeChat IDs, Twitter accounts, or Telegram IDs provided by reputable exchanges like Binance. By doing so, individuals can protect themselves from falling victim to fraudulent schemes and ensure a safer cryptocurrency investment environment.

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