- Hong Kong-based Binance users have reported phishing attacks.
- The police force has confirmed the cybersecurity incident.
- Eleven people have been affected so far.
Hong Kong is lately turning into a bedrock for fraudulent crypto activities and scams. This trend has prompted the region to tighten its digital assets oversight with a joint task force for monitoring and investigating crypto-related crimes.
Amid investigations into the JPEX exchange over wide-ranging fraud allegations, the Hong Kong police force has raised the alarm after phishing scams targeting Binance users in the region led to fund losses.
11 Users Lose $450K
In an October 9 alert posted on its “CyberDefender” Facebook page, Hong Kong police warned users about fraudsters impersonating Binance to dupe victims into clicking dubious links sent via text messages,
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“Recently, fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline; otherwise, their account would be deactivated.” The alert read.
Per the post, once victims click the link to supposedly “verify” their personal details, the attackers could gain full access to their Binance account and password, draining all the crypto assets held.
The police noted that 11 Hong Kong-based Binance customers have been affected by the phishing scheme in the last two weeks and have all lost a combined 3.5 million Hong Kong dollars ($447,561).
Following the development, the police force has urged crypto users in Hong Kong to adhere to specific safe practices.
Recommended Safety Practices
In light of increasing fraudulent activities in the domestic crypto industry, the police have urged users to transact on licensed virtual asset trading platforms only for better protection. HashKey and OSL are the only licensed crypto exchanges in Hong Kong.
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The police further advised users to store large amounts of virtual assets in offline cold wallets, such as external storage or paper wallets, to reduce the risk of hacking.
Stay updated on Hong Kong’s plan to boost blockchain leadership:
Hong Kong Unveils New Recommendations to Boost Blockchain Leadership
Read how Hong Kong is responding to unfolding crypto-related crimes:
Hong Kong Slams Brakes on Crypto Following JPEX Scandal
