Attention! Binance Scam on Telegram

The typical online fraud with, “Send me x Bitcoin and you get 10 times more back”, seems to take no end. On the contrary, the scam is now no longer maxed out. On telegram, automated systems or bots try to scare off the users’ coins. We would like to describe how the scam works exactly so that you also have a reference that points to the birth.

Example:

In the crypto world, the news is that Binance is testing a decentralized exchange called Binance DEX, which is now available for public testing. Users have the ability to create their own wallets and also interact with the trading platform interface. The company also revealed blockchain explorer for the testnet of Binance chain, a proprietary public network. The DEX runs on binance chain, it enables traders to participate as individual nodes and allows them to hold their own private keys to crypto assets.

The scammers took advantage of this and built their own website. On this, they skillfully displayed access to the DEX. As everywhere you have to register with the e-mail address. However, this is only for camouflage and does not fulfill any other function. Afterward, users will immediately get notification of a giveaway of crypto coins. These were initiated to celebrate the launch of the DEX. The only thing you have to do is to send a small number of coins to a specific address. For that, one would get back 10 times. Of course, this promise is the scam. The whole thing is currently being advertised excessively on telegram.

To earn people’s trust, the amounts to be sent are limited. On the fake list of transactions, which is constantly updated. Of course there is the possibility to check the address to which the coins should be transferred. On this usually only a few transactions can be found and the entire thing is in no way consistent.

Conclusion

Although this scam is an old trick and is a well-known scam to many crypto enthusiasts, people still fall for such scams because of various tricks.  The telegram groups are spamming and the lift or operation of the website is likely to be covered if only one of the transactions to the above-linked address, at the time of writing this article, came from a victim.

Any kind of coin in advance can be considered a fraud. You can sometimes confirm your address in this way, but for reputable companies, there is also always the possibility to do so with the signature of text with the private key. No coins need to be transferred. The only thing that can stop the crooks is the mindfulness and enlightenment of the people.

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