Binance’s Richard Teng Shares Crucial Self-Custody Tip With Community

Richard Teng, CEO of Binance exchange, took to X again to encourage crypto users to protect their assets. He outlined strategies that crypto enthusiasts can employ to secure digital assets.

Crypto scammers and scam strategies

The exchange’s executive started his post by establishing that users have a role in ensuring crypto asset security. He stated, “In crypto, security starts with you.” Based on this, he listed three ways that crypto holders can practice self-custody with care.

The number of crypto-related crimes has increased recently, with reported losses worth up to $2 billion in 2024. These cybercriminals utilize various strategies, from phishing links and email scams to pig butchering and social engineering campaigns. They usually disguise and imitate real platforms like crypto exchanges with legitimate links.

Often, they impersonate key players in the crypto industry, like the CEO of an exchange. In the long run, they convince users to part ways with their private keys. Without suspecting that they are being scammed, they release the requested information.

To avoid such a situation, Teng urged the community to verify links before they click or share their personal information. He encouraged them to trust but also double-check while doing so. Most importantly, the Binance CEO discouraged crypto holders from sharing their seed phrase.

Binance CEO highlights increase in AI face attacks

This caution comes only two weeks after Teng discussed the issue of increasing AI “face attacks.”

This emerging threat involves hackers cloning faces from public photos to steal crypto. An attempt was made to trick Binance’s facial recognition system and gain unauthorized access to victims’ accounts.

Most of these data are pulled from social media selfies, leaked IDs and casual videos of victims.

The Binance security team is in charge and has not failed to emphasize that users’ asset safety remains their priority. The team analyzes attack patterns and blacklisting suspicious accounts linked to AI scams.

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