CZ Exposes LinkedIn Scam, Only 50 Out Of 7000 Binance Employee Records Are Real

CEO CZ of Binance confirms only 50 out of 7000 Binance employee records on LinkdIn are real. Binance’s Red Alarm platform has flagged 70 projects with signs of fraud, rug pull on the BNB Chain ecosystem.

CZ how to report a scam on LinkedIn

In one of his Tweets, the Binance executive confirmed that only about 50 of the 7,000 users claiming to be employees of the world’s largest cryptocurrency exchange on LinkedIn are real. Cryptocurrency executives lament the lack of a real ID verification system on LinkedIn.

LinkedIn crypto scams often begin as an unsolicited request from an apparent crypto exchange operator to project stakeholders for a potential token list. Profiles are cleverly crafted to showcase years of industry experience, coupled with numerous connections, sometimes up to 500, to create a clear image of legitimacy.

Once the victim is found, the scammer will then send a document via email or Telegram containing the details of the listing process along with an initial security deposit required for the “service” . However, as soon as the victim transferred the requested digital assets to the deposit address, the scammer disconnected all communication and withdrew the funds.

Legitimate exchanges usually do not require an initial deposit or listing fee. Instead, a due diligence team will review the potential token for security, compliance, regulatory framework, and overall utility of the project, and then schedule a meeting with the asset issuer to discuss next steps. Depending on the size of a project, developers can be troubled by so-called fake daily list suggestions.

Binance’s Red Alarm platform has flagged more than 70 projects with signs of fraud, rug pull on the BNB Chain ecosystem.

Red Alarm is a warning tool for high-risk projects that has just been launched by BNB Chain. Through Red Alarm, AE can check if the contract address of any project has any errors or frauds to avoid scams.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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