X.com, the platform owned by Elon Musk, is facing criticism for its inadequate measures against cryptocurrency scams. Binance co-founder Yi He recently expressed her concerns on the app, questioning whether its billionaire owner would take action to address the issue.

Yi He's worry stemmed from an impersonation scam on X.com, where she shared images of accounts mimicking her X handle (@heyibinance) and her actual name. The Binance executive highlighted one specific scam directing users to click a link promising access to Binance-backed memecoins. Yi He clarified that no such coins exist and warned that clicking the link could result in financial loss.

The Binance executive emphasized that many people were tricked by this hacker link and lost a significant amount of money. She asked if there was any way to address this issue, highlighting the need for X.com to take concrete steps to prevent such scams.

Cryptocurrency scams have become rampant on X.com, with analysts attributing a significant portion of all crypto scams to the platform. Analysis from Scam Sniffer, a Web3 anti-scam company on X, reveals that nearly $50 million is lost each month, with account impersonation on X.com being a major contributor.

Many pundits note that these issues existed before Elon Musk's acquisition of Twitter and its rebranding to X. However, confusion over the new owner's controversial paid verification service, which allows anyone with a smartphone to register and receive verification, may be exacerbating the public's susceptibility to impersonation scams on the platform.

A review of Musk's statements during the Twitter takeover indicates he intended to address the "bot" and "spam" problems, but it's unclear if he specifically targeted cryptocurrency scams.