Binance co-founder Yi He has called on Elon Musk to address the growing issue of cryptocurrency scams on X.com, the social media platform formerly known as Twitter. Highlighting the problem, Yi He shared images of accounts impersonating her handle (@heyibinance) and her name, which were used to deceive users.
Yi He’s concerns revolve around a specific scam that directs users to a link, falsely claiming access to Binance-backed memecoins. She clarified that no such coins exist and warned that clicking the link could result in financial losses.
Recent analysis by Web3 anti-scam company Scam Sniffer reveals that cryptocurrency scams on X.com account for a significant portion of all crypto-related fraud, with losses amounting to nearly $50 million monthly. Account impersonation on the platform is identified as a primary driver of these scams.
Although cryptocurrency scams have been a persistent issue on X.com, confusion surrounding the platform’s new paid verification service under Musk’s ownership may be exacerbating the problem. This service allows anyone with a smartphone to register and receive verification, making it easier for scammers to create believable fake accounts.
Despite Musk’s previous statements about tackling “bot” and “spam” issues on the platform, it remains unclear if he has specifically addressed the rise of cryptocurrency scams. As of this release, Musk has not responded to Yi He’s appeal on X.com.