Binance co-founder reaches out to Elon Musk to tackle crypto scams on X platform

Yi He, the co-founder of Binance, has called on billionaire Elon Musk, the owner of the social media platform X, to address the rising number of crypto scams on the site. This plea comes after some of her followers fell victim to a fraudulent link that drained their crypto wallets.

In a recent post, He warned her followers about a scammer impersonating her on X and deceiving people into clicking on malicious links that lead to the theft of their crypto funds. She expressed her concern over the situation and appealed to Elon Musk for help in resolving the issue.

“I have not launched any new memecoins. Clicking on the link will result in your funds being stolen. Many individuals have fallen victim to this hacker’s scheme and lost a significant amount of money. Is there any way to address this issue, Elon Musk?” He wrote.

He revealed that one of her followers had lost 60 Ethereum (ETH), valued at approximately $215,853 at the time of the incident, by clicking on the fraudulent link. She emphasized that her only legitimate account is @heyibinance and that BNB is the only token she endorses. He urged her followers to remain vigilant against such fake accounts and encouraged them to report any suspicious activity to X to prevent further scams.

In a recent report by bug bounty platform Immunefi, it was noted that losses from crypto hacks and scams had decreased significantly over the past year. The firm reported that $473.229 million worth of digital assets were lost from January to May, compared to $595.438 million in the same period in 2023, marking a 20% decrease.

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