Binance users are facing a new phishing scam: fraudsters are sending fake SMS messages disguised as official notifications from the exchange. These messages appear in the same chat as legitimate Binance verification codes, making them seem authentic.
It is suspected that the scammers are using SMS spoofing, have compromised an SMS gateway, or are working with dishonest message providers. Web3 expert Joe Zhou was the first to expose the scheme on LinkedIn, sharing how he almost fell victim.
How Scammers Steal Funds
According to Zhou, he received an SMS allegedly from Binance, warning him about a login attempt from North Korea. Panicked, he called the number provided in the message, where a scammer with a British accent introduced himself as a Binance employee.
The fraudster instructed Zhou to transfer all his assets to a SafePal wallet, claiming it was a Binance partner service for securing funds during an "investigation."
Zhou followed most of the instructions but became suspicious at the last moment. He contacted his Binance acquaintance Carlos M., who confirmed it was a scam.
Realizing the deception, Zhou quickly withdrew his assets. However, the scammer noticed and attempted to move the funds first. In the end, Zhou lost only 200 USDT but managed to recover the rest.
Other Users Report Similar SMS Attacks
Other Binance users have also reported receiving similar messages. Venture capitalist Ivan V. Ivanov stated that both he and his friends were targeted but quickly identified the scam.
"The first thing I did was check my Binance security log — there were no login attempts from other devices or IP addresses. I also have 2FA, an authenticator, and IP verification enabled. Plus, the phone number looked suspicious—Hong Kong numbers usually have eight digits after +852, but this one didn’t match the format," he explained.
The Bybit Hack Connection
This phishing attack comes just days after the largest crypto exchange hack in history. On February 21, hackers stole $1.5 billion from Bybit using a fake interface and a malicious smart contract to access the exchange’s cold wallet.
Bybit has since fully covered the losses in Ethereum and announced a $140 million reward for help recovering the stolen funds.
Amid rising security threats, former Binance CEO Changpeng Zhao (CZ) has updated his "Keep Your Crypto #SAFU" security guide. If you haven’t read it yet, now might be the right time.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.