Binance Users in Hong Kong Lose Over $450K in Phishing Scam

10 October 2023

in BNB

Reading Time: 2 mins read

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Binance is in the news for various reasons, including declining trade volumes, delisting multiple cryptocurrencies, and security breaches. Binance faces a double-edged sword of challenges that has shaken its leadership.

First, the regulatory and DOJ faceoffs, and now the constant hacking attempt gives spine-chilling thoughts of Binance Fallout. It also affects the native token BNB, facing a downtrend of –2.98 % from the last seven days. Currently, the price of BNB (BNB) is $208.76.

$450K Washed off From Binance Accounts

Recently, Binance users in Hong Kong have fallen victim to multiple phishing attacks, resulting in losses totaling over $450,000. The Hong Kong police have warned about this phishing scam, urging users to exercise caution. The scam involved fraudsters posing as Binance and sending text messages to users, claiming they needed to click a link to verify their identity. Once users clicked the link and provided their details, hackers accessed their Binance accounts and stole all the assets within their wallets.

The dust has still not settled; the phishing scheme has affected 11 Hong Kong-based Binance customers in the last two weeks, resulting in combined losses of over $450,000. Hong Kong police have encouraged users to report suspicious messages on their official website’s “fraud prevention” section. They have also provided a list of verified virtual asset trading platforms, emphasizing the importance of using licensed crypto exchanges for better protection.

Rally on Only Licenced Exchanges!

Notably, only two cryptocurrency exchanges, HashKey and OSL, are fully licensed for retail investment purposes in Hong Kong. The region has been facing a surge in scams and fraudulent activities, including the recent JPEX crypto exchange scandal, which led to significant investor losses. In response, the Hong Kong Securities and Futures Commission (SFC) plans to publish a list of both licensed and “suspicious” crypto platforms to combat potential fraud and protect investors.

Binance’s liquidity pool the hope to Sustain?

In other news, Binance will discontinue certain liquidity pools, including XRP/BUSD, FTM/BUSD, MANA/BUSD, and OP/BUSD, as part of its plan to end BUSD stablecoin support by February 2024. Users cannot add liquidity to these pools after October 13, and existing positions will be automatically returned on October 17. It is worth noting that Binance periodically reviews liquidity pools to improve trading conditions and optimize user experience. But this time it’s a matter of urgency to sustain.

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