Scam that imitated Binance website is foiled

Swindlers attempted to get investors to trade BTC and ETH into BNB for extra profit

A website claiming to be the official Binance page attempted to lure users into sending BTC and ETH to the Binance blockchain, promising an extra 12% profit should they complete the transaction.

The Malware Hunter Team – a free ID ransomware website that helps victims determine what type of software locks their data – was alerted and put to work in order to thwart the fraud.

A false URL link was the key to leading the team to crack the deceit.

The malware hunters identify more than 600 ransomware families by specific filename extensions and patterns, ransom note titles, email addresses, and Bitcoin addresses.

The hoax link included statements promoting the wallet on the Binance chain and smart contract.

“In order to unlock the mainstream adoption of Binance Coin (BNB), a good wallet is one of the most important gateways for our users,” it said.

“Now team up with the high-quality wallets that have supported our Binance Chain since the beginning, we jointly launch the Binance Chain smart contract. Use the smart contract to trade your BTC or ETH to BNB, and it generates an extra 12% as your profit, which we committed to a total of 600,00 BNB.”

Scams are a regular and rampant occurrence in the cryptocurrency industry. Recently, the $SQUID token – based on the TV show Squid Game – appeared to be ‘rug-pulled’ as invested funds and the people behind them disappeared without trace.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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