When Yi He, the co founder of Binance, was impersonated in another crypto token scam, she subsequently urged Elon Musk to curb the prevalence of inaccurate crypto information platforms such as X platform which is a renamed version of Twitter.
Scammers Impersonating Yi He?
To point out how serious the matter at hand was Yi He said the crypto handle was being misused by scammers. He sent screenshots illustrating it.”Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue, Elon Musk?” she inquired tagging Musk.
Musk’s lack of response so far is particularly striking given his past commitment to safer X for crypto discussion. Though Musk is typically quick to respond to these kinds of issues, he has been silent on the subject this time around.
Scam Sniffer’s Report- $47 Million Lost to Crypto Phishing
In March, Scam Sniffer, a leading security firm, reported that crypto phishing scams have led to significant financial losses. The firm reported that about 57,000 people were cheated out of approximately $47 million (around Rs 392 crore) in general and a significant part is linked to Elon Musk X.
After buying X from Jack Dorsey in April 2022, Musk noted that eradicating cryptocurrency scams and manipulative bots was one of his immediate goals. Nonetheless, further action appears necessary given that such cons continue to thrive on the site, despite various interventions made.
FTC Warns of Emotional Crypto Romance Scams
It is not only X that is affected by crypto scams. There have been recent warnings from the Federal Trade Commission’s United States Department against “Crypto Romance” scams. The warning by the FTC stated that many fraudsters create emotional links with their targets by claiming they are cryptocurrency specialists hence dupe them out of their money.
FTC stated in their blog post on June 10, “No one thinks their online love interest is going to scam them, but scammers are good at what they do. They establish an emotional connection with you so you’re more likely to believe that they’re an expert in cryptocurrency investing.”
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