– The Binance cryptocurrency exchange warned users about a major phishing scam that is targeting users via SMS text messages.
– The scam entices users to cancel withdrawals and then directs them to a malicious website.
– Binance executives say that cryptocurrency crime is becoming just like any other type of payments crime, and user education is key.
– According to Yahoo Finance, cryptocurrency hackers stole more than $1.2 billion during the first quarter of 2022.
– Chainalysis reports that illicit cryptocurrency addresses received more than $14 billion in 2021.
– Binance partners with third parties such as Chainanalysis to analyze transaction data on blockchains to spot potential fraud.
– The expanding threat of cryptocurrency scams and transaction fraud is equal to or perhaps greater than the risk of market volatility, according to Binance executives.