Changpeng Zhao, co-founder of Binance, has recently alerted the crypto community about a surge of fraudulent social media accounts aimed at deceiving investors. Commonly known as ‘CZ,’ he criticized X’s team for their handling of these fake accounts and urged for more decisive action.
Binance Co-Founders Caution the Community
On Monday, Binance’s Changpeng Zhao took to X to inform his nearly nine million followers about the proliferation of fake social media accounts aimed at crypto investors. CZ reposted a message from a community member that highlighted the serious issue.
According to the initial post, several accounts were impersonating Binance’s former CEO and Yi He, co-founder and Chief Customer Service Officer of the exchange. These phony profiles claimed to serve as Yi He and Zhao’s “Chinese accounts,” supposedly created for investors based in China.
The impersonators operated with profiles established between May 2018 and May 2021, presenting X’s blue verified badge to mislead investors, amassing about 60,000 followers prior to their removal.
Suspended X account impersonating CZ. Source:Aman Sai on X
Yi He responded to the post, emphasizing that she only possesses a single X account. At the same time, CZ cautioned investors to be vigilant against these and similar accounts, urging them to report any profiles impersonating him:
Be cautious of fake “cz” accounts out there. I am exclusively using this (@cz_binance) X account. Any other accounts starting with “cz_…” are fraudulent, impersonators, or scammers. Please report them whenever you spot them.
The former Binance CEO highlighted the continued exploitation of verified accounts as a means to potentially mislead unsuspecting users by mimicking prominent figures across various sectors. Zhao urged X’s team, stating, “I hope X does a better job of eliminating these fake accounts,” he expressed.
Additionally, another X user warned of multiple fake Facebook profiles pretending to be the co-founder of the crypto exchange.
CZ To ‘Take It Easy’ For A While Longer
CZ served a four-month term after pleading guilty to breaching US money laundering regulations while leading Binance. Many awaited Zhao’s return to the social media platform, with numerous users humorously suggesting that his comeback would boost market prices.
However, since his release on September 27, CZ has not been particularly active on social media. In his first statement post-release, the Binance co-founder requested the community to let him “take it easy for a while,” a sentiment he reiterated today.
In a response, an X user urged him to resume regular posting, indicating that “bad actors are spiraling out of control.” Zhao mentioned he would, but is currently enjoying his “quiet time.”
Today’s alert marks the second warning issued by CZ since his prison release. According to Bitcoinist, Binance’s co-founder had previously cautioned investors about deepfake videos of him circulating online. These AI-generated videos falsely portrayed the former CEO as “promoting” cryptocurrencies across various social media platforms, including YouTube.
Deepfake technology has gained traction among scammers targeting the industry, with the images of figures such as MicroStrategy’s Michael Saylor, Elon Musk, Donald Trump, and Solana’s Anatoly Yakovenko being employed to endorse fraudulent tokens.
Investors are advised to remain vigilant regarding suspicious posts and offers from seemingly legitimate profiles, implement robust security practices, and avoid sharing personal information online.
Binance Coin (BNB) is currently trading at $607 on the three-day chart. Source: BNBUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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