Binance, the largest CEO in the Crypto Exchange world, Richard Teng, has started to give multiple warnings on increasing scams in the cryptographic field in recent times. However, this time, Richard Teng warned against a new scam that encourages the victims to transfer their funds into bad hands, and this is called the “shared sentence” scam. Here’s how this crook scammed the victims.
How does the scam work?
According to CEO Richard Teng, this scam works by sending false alerts to users saying that their portfolios have been compromised. To “protect” their funds, the victims are asked to transfer their assets to a different portfolio, the one who is controlled by the crook.
https://twitter.com/_richardteng/status/189173656202824007
The scam is particularly effective because it tackles the emotions of users. Panic and emergency are key tools for crooks. The victims, fearing to lose their assets, rush to follow the instructions without questioning their authenticity.
Unfortunately, when they realize that something is wrong, it is 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 crucial advice, start with skepticism. Schools often use fear and urgency to push their victims into hasty actions.
If you receive a message saying your wallet has been compromised, a break. Take a deep inspiration. Think before acting.
The first thing to check is the source. Binance, or any deemed platform, will never ask you for your private keys or your seed phrase. No legitimate security alert will ask you to send assets to an unknown portfolio address. If you receive such a request, it is a light red flag.
Some red flags to keep in mind
Scholars often use time pressure to push you to act quickly, which gives you the impression of hesitating could lead to a financial disaster. This is another major red flag.
If you do not feel sure of any alert, the best approach is to check it directly via the official binance channels. Contact customer support to make sure the alert is legitimate before taking measures.
In short, be careful, take your time and always revive the source of any urgent request. In doing so, you can protect yourself and protect your funds against the growing threat of cryptographic scams.