Binance Founder CZ has warned the community of accounts impersonating him on X and particularly common in China
Binance Founder and Former CEO Changpeng ‘CZ’ Zhao has spotlighted two fake verified X accounts targeting the exchange’s Chinese users. These fake accounts, using the names @heyichina and @cz_chinese, pretend to be real and could trick or harm unsuspecting people.
Binance Founder Issues Urgent Call to Action
In an X post, Changpeng Zhao sent a simple but important message to the Binance community and the crypto space at large. He stressed that he only uses @cz_binance on X. He urged users to double-check any accounts claiming to be him or connected to Binance and report such accounts.
The problem is that many of these fake accounts are verified, which can make them seem more trustworthy. This makes it easier for scammers to trick even careful users. In his post, he urged X to take stronger action against the rise of fake accounts.
Sadly, this scam has hit the Chinese crypto community in particular. Bad actors take advantage of language differences and cultural factors to defraud users.
Notably, the CZ warning came after a crypto community member, Aman Sai, posted on X warning people to be aware of fake verified accounts. His message urged people to stay alert and safe online.
Found 2 fake verified account for Chinese community 🚨
Yehi – @heyichina
Cz – @cz_chinese
Stay safe ✅Please update your community @cz_binance @heyibinance 👍 pic.twitter.com/MHblgK0gz7
— Aman🔶Sai (@amansaiofficial) October 13, 2024
The Growing Challenge of Fake Verified Accounts
As the X platform grows, scammers and imposters are becoming more advanced. Verified badges, meant to show authenticity, are now being misused to deceive people.
In the past, hackers have attacked the X accounts of celebrities, firms, and investors, using them to promote scams, especially in the crypto industry. This has led to substantial financial losses and sometimes causes some firms to halt operations.
Hackers took over the U.S. Securities and Exchange Commission’s (SEC) X account in January. Although now caught, the hackers spread false news about a Bitcoin ETF approval, causing confusion in the market and showing the rising threat of account hacks on X.
This case highlights the need for the X platform to improve its verification system and better detect fake accounts.
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