Binance co-founder Yi He has publicly called on Elon Musk to address the growing issue of cryptocurrency scams on the social media platform X. Yi He highlighted a specific impersonation scam that has led to significant financial losses for users.
Key Takeaways
- Binance co-founder Yi He has raised concerns about cryptocurrency scams on X.
- Impersonation scams are tricking users into losing significant amounts of money.
- Nearly $50 million is lost each month due to these scams.
- Elon Musk has yet to respond to Yi He’s concerns.
Yi He’s Public Appeal
Yi He took to X to express her concerns about the proliferation of cryptocurrency scams on the platform. She shared images of accounts that were clear imitations of her X handle (@heyibinance) and her real name. One specific scam directed users to click on a link promising access to Binance-backed memecoins, which do not exist. Yi He warned that clicking the link could result in the loss of funds.
“I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen. Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue?”
The Scale of the Problem
Cryptocurrency scams have become increasingly prevalent on X. According to analysis from Scam Sniffer, a Web3 anti-scam company, nearly $50 million is lost each month due to account impersonation on the platform. These scams have been a persistent issue, even before Elon Musk took over Twitter and rebranded it as X.
Contributing Factors
Several factors contribute to the ongoing issue of cryptocurrency scams on X. One major factor is the confusion surrounding Musk’s controversial paid verification service, which allows anyone with a smartphone to register and receive verification. This has made it easier for scammers to create fake accounts that appear legitimate.
Historical Context
The problem of account impersonation and scams is not new. Since the beginning of 2024, several X accounts of major companies and crypto influencers have been hacked to promote scams. For instance, the US regulator SEC’s X account was hacked to issue a fake announcement about Bitcoin ETFs approvals. Similarly, accounts for Netgear, Hyundai MEA, and CoinGecko have also been targeted.
Musk’s Response
Despite the growing concerns, Elon Musk has not yet responded to Yi He’s public appeal. While Musk has previously indicated his intention to address “bot” and “spam” issues on the platform, it remains unclear whether he has any specific plans to tackle cryptocurrency scams.
Conclusion
The call from Binance co-founder Yi He to Elon Musk highlights a significant issue affecting users on X. With nearly $50 million lost each month to cryptocurrency scams, the need for effective measures to combat these scams is more urgent than ever. The ball is now in Musk’s court to address these concerns and protect users from further financial losses.
