According to Yi He, “a significant amount of money” was lost when X.com users were tricked by an impersonation scam.

Elon Musk’s social media platform X.com is facing significant criticism for not adequately addressing the proliferation of cryptocurrency scams, a concern prominently voiced by Binance co-founder Yi He. Yi He recently highlighted an impersonation scam on the platform that directed users to a fraudulent link purportedly offering Binance-backed memecoins. She clarified that no such coins exist and warned that clicking the link could result in financial losses. This incident underscores a broader issue on X.com, where scammers are responsible for a substantial portion of crypto frauds.

Yi He expressed her frustration on X, showing images of fake accounts mimicking her official handle (@heyibinance) and name. She stressed the urgency of the issue, noting that many people had been deceived and suffered significant financial losses due to the scam. Despite the high-profile nature of her complaint, there has been no public response from Elon Musk or X.com addressing the problem.

The issue of crypto scams on X.com is not new. Analysts, such as those from the Web3 anti-scam company Scam Sniffer, have highlighted that nearly $50 million is lost monthly due to scams, with account impersonation being a significant driver. The problem has been exacerbated by the platform's controversial paid verification service, which critics argue makes it easier for scammers to gain legitimacy and deceive users.

Elon Musk had previously promised to tackle issues like bots and spam upon acquiring Twitter and rebranding it to X. However, the specific problem of cryptocurrency scams seems to remain largely unaddressed. The ongoing confusion and loopholes in the verification process continue to enable scammers to operate with relative ease, contributing to the persistent issue of impersonation and fraud on the platform.