Binance Warns Crypto Investors of ‘Massive Phishing Scam via SMS’

Cryptocurrency exchange Binance has warned investors of a “massive phishing scam via SMS.” The scammers sent SMS messages to crypto users informing them of a withdrawal request from an unknown IP address they may want to cancel.

Binance CEO Changpeng Zhao (CZ) tweeted Friday:

There is a massive phishing scam via SMS with a link to cancel withdrawals. It leads to a phishing website to harvest your credential as in the screenshot below.

According to the Binance boss, scammers sent SMS messages to cryptocurrency investors stating that a withdrawal has been requested from an unknown IP address. The message then asks investors to click a link to cancel the withdrawal request. However, the link leads to a phishing website that will attempt to steal credentials from investors.

The Binance CEO further advised that users should always go directly to the Binance website via a bookmark or type the URL into the browser. He stressed:

Never click on links from SMS.

Binance is not the only cryptocurrency exchange that has been targeted by scammers using SMS scam tactics. In August last year, the Nasdaq-listed cryptocurrency exchange Coinbase similarly warned of a phishing scam targeting Coinbase users.

Scammers have also tried other SMS messages to lure investors to click on their phishing links. According to some examples posted by Coinbase, one message reads, “New login. Not you? disable at [URL].” Several others inform investors that they have received some bitcoin, asking them to verify the transactions or simply view them.

SMS scams are among the many types of scams that have been targeting cryptocurrency investors. In January, the U.S. Federal Trade Commission (FTC) warned of cryptocurrency scams using social media and crypto ATMs.

Recently, blockchain analytics platform Chainalysis revealed that scammers raked in a record $14 billion in cryptocurrency last year. The firm also noted that Indians visited crypto scam websites almost 10 million times last year.

What do you think about SMS scams targeting crypto investors? Let us know in the comments section below.