The Australian Federal Police has warned over 130 people about a new text message scam aimed at crypto users, where scammers impersonate a Binance representative.
The Scam and Its Mechanisms
Scammers send messages via text and encrypted messaging platforms, posing as Binance representatives. They claim a breach of crypto accounts and instruct recipients to set up a new wallet. The messages exploit the sender ID to appear as legitimate Binance communications. A support number is also provided, where victims are prompted to transfer their cryptocurrency to a 'trust wallet' controlled by the scammers.
Impact and Police Response
The Australian Federal Police conducted an email and text blitz to warn those potentially exposed. AFP Cyber Crime Commander Graeme Marshall stated that once funds are transferred to the thief's wallet, they are moved through a network of wallets, making recovery extremely difficult.
Safety Measures and Legislative Initiatives
The Australian Government is developing an SMS sender ID register and industry standards to combat such scams. The register is set to launch in 2025. Binance's Chief Security Officer Jimmy Su emphasized the importance of verifying channels through official sources and mentioned a tool to confirm legitimate Binance communications.
Scam operations continue to pose a threat to crypto users, highlighting the need for increased awareness and international efforts to develop secure standards.
