Binance CEO Warns of Rising “Share-Seed-Phrase” Scam in Crypto World

Story Highlights

• Binance CEO Richard Teng warns of a rising “share-seed-phrase” scam targeting crypto users.

• Scammers trick victims by sending fake alerts claiming their wallets have been compromised.

• Teng advises skepticism that Binance never asks for private keys or seed phrases.

Binance, the world’s largest crypto exchange CEO Richard Teng has begun giving multiple warnings about growing scams in the crypto domain lately. However, this time Richard Teng Has warned of a new scam that tricks victims into transferring their funds into the wrong hands, and it’s called The “share-seed-phrase” scam. Here’s how this scammer scammed the Victims.

How the Scam Works?

According to the CEO Richard Teng, this scam works by sending users fake alerts claiming their wallets have been compromised. To “protect” their funds, victims are urged to transfer their assets to a different wallet, the one which is controlled by the scammer.

https://twitter.com/_RichardTeng/status/1891736556202824007

The scam is especially effective because it preys on users’ emotions. Panic and urgency are key tools for the scammers. Victims, worried about losing their assets, rush to follow instructions without questioning their authenticity.

Unfortunately, by the time they realize something’s wrong, it’s far too late to reverse the damage.

How To Protect Yourself from the Scam

So, how can you avoid falling for this trap? Richard Teng offers some crucial advice, start with skepticism. Scammers often use fear and urgency to push their victims into hasty actions.

If you receive a message claiming your wallet has been compromised, pause. Take a deep breath. Think before you act.

The first thing to check is the source. Binance, or any reputable platform, will never ask you for your private keys or seed phrase. No legitimate security alert will instruct you to send assets to an unfamiliar wallet address. If you receive such a request, it’s a clear red flag.

Some Red Flags To Keep In Mind

Scammers often use time pressure to push you into acting quickly, making you feel like hesitation could lead to financial disaster. This is another major red flag.

If you feel unsure about any alert, the best approach is to verify it directly through Binance’s official channels. Contact customer support to ensure the alert is legitimate before taking any action.

In short, be cautious, take your time, and always double-check the source of any urgent request. By doing so, you can protect yourself and your funds from the growing threat of crypto scams.

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