Yi He, co-founder of Binance, has called upon Elon Musk to take immediate action against the rising cases of fraudulent activities related to cryptocurrency on X. This request comes after Yi He herself fell prey to an impersonation scam on the platform, where scammers used her identity to promote a fraudulent crypto token among her followers.

The impersonation scam involved the creation of fake accounts that mimicked Yi He's X handle and name, and directed users to click on a link that promised access to Binance-backed memecoins. However, Yi He clarified that no such coins existed, and clicking on the link would result in theft of money. Many people were tricked by this scam and lost a significant amount of money. Yi He urged her followers and the broader Binance community to stay alert and avoid investments in such deceptive tokens.

Yi He's concern stems from the fact that cryptocurrency scams have become increasingly common on X, with analysts attributing a significant portion of all crypto scams to scammers on the platform. According to Scam Sniffer, a Web3 anti-scam company, nearly $50 million is lost each month due to account impersonation on X.com, with a significant portion being facilitated via the platform.

Elon Musk had previously iterated his intention to address the issues of "bot" and "spam" on the platform, but it remains unclear whether he has specifically addressed cryptocurrency scams. Yi He's request to Musk highlights the need for the platform to take concrete steps towards ensuring the safety and security of its users from such fraudulent activities.

The issue of cryptocurrency scams is not limited to X alone, but is a broader concern that affects the entire industry. However, as a leading platform, X has a significant role to play in curbing such activities and ensuring a safe environment for its users. Yi He's request to Elon Musk is a step in this direction, and it remains to be seen whether the platform will take concrete steps to address this issue.