Markets News Report
October 09, 2023

Hong Kong Police Investigate HK$3.5 Million Scam Involving Phishing Texts from Binance Impersonators

In Brief

Binance impersonators are sending phishing texts to scam users. Hong Kong Police reports 11 cases with 3.5 Million Yuan in virtual asset transfers.

In a recent disclosure by the Hong Kong police, cybercriminals have been impersonating Binance, the world’s leading crypto exchange, to carry out phishing scams through text messages. These deceitful messages have successfully tricked several users, leading to unauthorized transfers from their Binance accounts.

Over a span of two weeks, the police have recorded 11 such instances, resulting in a total loss of HK$3.5 million (approximately 3.5 million yuan).

The authorities became aware of these fraudulent activities through reports shared on the social media platform, Net Keeper. As per these reports, unsuspecting users who clicked on the links provided in the scam texts found their Binance accounts compromised. The scammers quickly siphoned off the assets held in these accounts.

Binance Scam Alert

For safeguarding virtual investments, the police emphasize several key precautions for citizens.

Hong Kong Police said that investors should always understand the security risks of various platforms and networks before they transact. They should choose platforms licensed in Hong Kong for virtual asset trading, consulting the official list if needed. Additionally, for better security, they should store large amounts of virtual assets in offline or “cold” wallets.

Lastly, upon receiving any questionable messages, it’s crucial to verify their authenticity with the official organization or through trusted apps like the “Anti-Fraud Video App.”

The sudden surge in such scams underscores the need for increased vigilance among crypto investors, especially given the sophisticated methods adopted by scammers. The police urge the public to remain cautious and always validate the source before acting on any information related to their investments.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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