Phishing Scams Target Hong Kong-Based Binance Customers, Resulting in Over $446,000 in Losses

• 11 Hong Kong-based Binance customers fell victim to phishing scams via text messages.
• Scammers impersonated Binance, urging users to click a link to verify identity or face account deactivation.
• Victims unknowingly gave access to their Binance accounts

The Hong Kong Police Force has issued a warning after 11 Hong Kong-based Binance customers fell victim to a series of phishing scams delivered via text messages. This recent wave of cyberattacks has raised concerns about the security of cryptocurrency assets and the need for heightened vigilance among crypto investors.

In a public advisory shared on October 9, the Hong Kong police, under the banner of “CyberDefender,” alerted the public to the fraudulent scheme. Impersonating Binance, the scammers sent text messages instructing users to click on a link to verify their identity details, under the threat of having their accounts deactivated.

Victims unwittingly provided Binance account access

Regrettably, those who clicked on the link unwittingly provided cybercriminals access to their Binance accounts. Once inside, the hackers promptly emptied the wallets, leaving victims with substantial financial losses.

According to official reports, the 11 victims have collectively reported losses exceeding $446,000, equivalent to 3.5 million Hong Kong dollars, within the past two weeks alone. This underscores the financial devastation that can result from falling prey to such scams.

To combat this growing threat, Hong Kong police are urging individuals who suspect they have received fraudulent messages to promptly report them through the “fraud prevention” section of the official police website. This move aims to expedite investigations and protect potential victims from further harm.

Hong Kong’s crypto community has been grappling with a string of fraudulent activities and scams in recent weeks. The JPEX crypto exchange scandal, for instance, has ballooned to an estimated $180 million in losses, resulting in over 2,300 complaints filed by Hong Kong-based investors with local authorities. This underscores the urgency of strengthening cybersecurity and investor protection measures within the cryptocurrency ecosystem.