The largest cryptocurrency exchange Binance published an article on its blog, in which it warns about the increase in the number of crypto scammers in the Telegram messenger and provides ways to protect funds.

The article emphasizes that Telegram has become extremely popular in the crypto community, and such popularity also attracts various types of scammers. Users of the largest trading platform, whose number has exceeded 207 million, are among the priority targets for criminals.

Thus, cryptocurrency scammers pretend to be exchange employees in order to deceive users. For example, one scammer posed as a “financial advisor” who tried to lure a user into a fake token giveaway from an exchange. If the user is interested, they will send him a phishing link and, if he enters his credentials, he may lose all his funds. Fraudsters also often create fake bots from Binance and fraudulent groups on Telegram on behalf of the exchange.

Of course, there are also more “general” scams. For example, if a user mistakenly downloads not the official Telegram client, but a hacker build with an embedded virus. Criminals also try to lure cryptocurrency users with various fraudulent giveaways and investment projects.

Let us recall that in early June one of the Binance clients complained about the loss of $1 million as a result of their account being hacked.