Binance co-founder Yi He has sounded the alarm about the rampant cryptocurrency scams on Elon Musk's social media platform X. Yi He recently took to the app to express her concerns and urge Musk to take action against these scams.

The Scam Epidemic

Yi He's apprehension stemmed from a specific impersonation scam that occurred on the X platform. She shared images of accounts that were clear imitations of her X handle (@heyibinance) and her real name. In one instance of the scam, users were directed to click on a link promising access to Binance-backed memecoins. However, Yi He clarified that no such coins had been issued and that clicking the link could result in the loss of funds.

The Impact of X's Verification Service

The proliferation of scams on X has been attributed to the confusion surrounding the platform's new paid verification service. This service allows anyone with a smartphone to register and receive verification, making it challenging for users to distinguish genuine accounts from fraudulent ones.

The Need for Action

Yi He's post on X.com has gone unanswered by Elon Musk, leaving the crypto community wondering whether he will take concrete steps to address the issue. The lack of action has led to a significant loss of funds, with analysts attributing nearly $50 million in monthly losses to account impersonation scams on X.com.

Recent Hacks and Scams

Several major companies and crypto influencers have fallen victim to scams on X, including the US regulator SEC, Microsoft, Netgear, Hyundai MEA, and CoinGecko. These hacks have been linked to SIM-swapping attacks and phishing scams, further highlighting the need for urgent action.

Conclusion

The crypto community is eagerly awaiting Elon Musk's response to Yi He's concerns. As the platform's owner, it is crucial that he takes concrete steps to address the issue of cryptocurrency scams on X. Until then, users are advised to exercise extreme caution when interacting with accounts on the platform.