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Cryptocurrency scams on LinkedIn often start with a “fat” offer from an employee impersonating a reputable exchange.
According to a Twitter post yesterday by Binance CEO Changpeng Zhao, only about 50 of the 7,000 users claiming to be employees of the world’s largest cryptocurrency exchange on Linkedin are real. The CEO expressed dismay because Linkedin lacks an ID verification system.
LinkedIn has 7000 profiles of “Binance employees”, of which only 50 or so are real. I wish LinkedIn has a feature to let the company verify people. So, many “hey I am responsible for listing” scammers on LinkedIn. Be careful. https://t.co/Qnsl02iQUT
— CZ Binance (@cz_binance) August 14, 2022
“I wish LinkedIn integrated user verification. There are many scammers on this platform. Be careful.”
Scammers often draw a “pink” profile, impersonating from famous companies with a wide network of connections on LinkedIn to hit the victim’s greed.
After hunting down the victim, the scammer will send a document via email or Telegram that details the token listing process along with a required deposit for the “service”. As soon as the victim transfers the money to the requested address, the scammer will immediately delete/stop all communication and steal the money and run away.
As warned by FBI agents in mid-June, LinkedIn is a preferred environment for crypto scammers. LinkedIn is a Microsoft-owned social network with more than 830 million members across 200 countries. Platforms are the playground for news and business relationship building. As a result, this social network often creates a feeling of “safety” for users, but this is completely wrong – especially in the context of scams becoming more and more sophisticated.
Users should also note that legitimate exchanges usually do not require customers to deposit or commit any fees. Instead, the exchange’s appraisal team will carefully review the project to be listed in terms of security, compliance, legal framework and overall utility, and then meet with the issuer to discuss. next steps.
Also last night, Binance’s Red Alarm platform flagged 50 projects with signs of fraud on BNB Chain and recommend investors to do careful research before participating in any project.
Our Red Alarm platform has flagged 50 projects as potential scams/rug pulls.
— CZ Binance (@cz_binance) August 15, 2022
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