Key Notes
- In an X post, Richard Teng talked about scammers putting fake support calls through to their victims.
- The crypto scammers try to get users to change their API and gain access to their funds.
- Teng’s latest alarm comes amid the growing trend of sophisticated crypto scams.
Binance CEO Richard Teng has alerted the public about a new scam targeting crypto users. In his post on X, he explained how the perpetrators put fake support calls through to their victims, in a bid to get them to change their API.
Those who fall for the scam end up losing their assets.
Crypto Scammers Leverage Sophisticated Strategies
Generally, there is an evolution in the tactics now used by cybercriminals to carry out their illicit activities. They have now turned to more sophisticated strategies, impersonating reputable firms to deceive users of such platforms.
According to Binance CEO, scammers are exploiting crypto users’ trust in the leading cryptocurrency exchange to cheat them out of their hard-earned money.
Ring, ring! Could be a scam. ☏
We’ve seen a new scam: fake support calls trying to get you to change your API.
Remember, we’ll never ask for your passwords or credentials over the phone.
Stay vigilant.
— Richard Teng (@_RichardTeng) August 26, 2025
These bad actors mimic official communication lines and request users’ personal information. This way, they can gain unauthorized access to users’ accounts.
However, Teng has once again emphasized a key safety tip: “Remember, we’ll never ask for your passwords or credentials over the phone. Stay vigilant.”
Less tech-savvy individuals and the elderly are more likely to fall victim to this tactic. Sometimes, these bad actors use SMS and phishing emails to carry out their operations.
In February, Binance issued warnings to its users about the growing trend of SMS phishing attacks. Through this means, bad actors pretend to be trusted companies and then change the sender’s number so the text looks real.
They then tricked people into thinking it’s part of a real conversation with the company.
Consequently, the crypto exchange promised to add new features to help users check if such text messages that claim to be from Binance are real.
The company said protecting users and stopping fraud is its most important goal.
Social Engineering Scam Costs Victim $91 Million
Crypto scammers are sometimes more direct, using strategies like social engineering. About a week ago, a victim lost 783 Bitcoin
BTC
$109 678
24h volatility:
2.4%
Market cap:
$2.19 T
Vol. 24h:
$53.55 B
, worth $91 million, in a social engineering scam.
Based on the explanation offered by popular crypto sleuth, ZachXBT, the attackers in the sophisticated scam posed as representatives from a crypto exchange and wallet support firm.
Then, he manipulated the customer into giving out personal details. This had nothing to do with any technical fault or vulnerability. It was clearly a case of manipulation.
In early August, decentralized liquidity protocol Aave [NC] suffered an attack on its platform.
This happened shortly after the platform announced that it had surpassed $60 billion in net deposits. Upon investigation, it was discovered that the scammer(s) successfully carried out the exploit by leveraging Google Ads to deceive unsuspecting crypto users.
It is worth noting that Binance is constantly looking out for its users, issuing warnings about activities it finds suspicious. Despite this, users still have their role to play in making sure that their funds stay secure.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.