A dubious SMS phishing scam is exploiting the chaos following the record-breaking Bybit hack, deceiving Binance users into handing over their funds.
“Binance will never provide users with existing wallets and send mnemonics to users via SMS or other methods,” warns the exchange.
Fake Binance SMS Messages Appear in Official Threads
For some time, scammers have been actively targeting Binance users by impersonating the exchange and sending fraudulent SMS messages.
Sponsored
Fake SMS messages appear within Binance’s official SMS thread, seemingly sent from Binance’s official number. They falsely claim that users’ accounts have security issues, creating panic and pressuring them to engage with the scammers.
According to victims, the panic intensifies when the messages warn that their accounts were accessed from countries like North Korea, notorious for their cyber crimes.
“I just received an SMS from my usual Binance number where I always receive verification code. It told me my Binance account is being accessed from North Korea,” Hong Kong-based Web3 expert Joe Zhou, a victim of the scam, shares his experience on Linkedin.
When victims call the impersonated Binance support line, scammers instruct them to set up a so-called “Binance partner” cold wallet and transfer their funds there, claiming the exchange is investigating the issue.
According to Joe Zhou, the mention of North Korea triggered panic, prompting them to call the number provided in the message.
“It told me my Binance account is being accessed from North Korea. I obviously panicked after days of dealing with the Bybit hack and did not think twice before calling that number,” he stated.
Just days earlier, the world was shaken by the largest crypto exchange theft in history, when hackers linked to the North Korean Lazarus Group stole $1.4 billion worth of ETH from Bybit.
Users in Europe Hit by Surge in Binance SMS Scams
The scam has now spread beyond Asia, with European Binance users increasingly targeted.
Cyprus cybercrime police recently issued a warning about a surge in fraudulent SMS messages impersonating Binance.
Authorities caution that scammers’ ultimate goal is to trick victims into revealing their login credentials, which will give criminals full access to their accounts.
Reddit channels are also full of similar victim stories that have been tricked via the same SMS spoofing technique.
SMS spoofing is a technique where scammers manipulate the sender ID of a text message, making it appear as if it’s from a trusted source. This method is not new—attackers exploit weaknesses in mobile networks, SMS gateways, or collaborate with unreliable providers to send fake messages.
Binance Warns: Fake Wallets Used to Steal Funds
Binance has emphasized that scammers deceive users into transferring funds to fraudulent wallets under the guise of protecting their assets. These wallets, pre-created and falsely presented as secure alternatives, are fully controlled by scammers.
“The information that actively asks you to transfer funds is a scam,” Binance stated. “Binance will never provide users with existing wallets or send mnemonics via SMS or other methods.”
Why This Matters
With crypto scams growing more sophisticated, even experienced traders are being deceived. The Binance SMS scam shows how attackers exploit major security incidents, underlining the need for stronger user awareness and protection.
Check out trending DailyCoin’s articles:
Bitcoin Price Crashes Below $90K—What’s Fueling Crypto Sell-Off?
Shiba Inu Price Shifts Below Key Level With $1M Liquidations
