[Crypto Investor Scam Alert] Criminals Target New Binance DEX with Phishing Emails Attack

The cryptocurrency community is littered with quite a number of scam and fraudulent activities, especially if the product is new like the recently launched Binance DEX.

A Whole New Scam

One of the cankerworms that are threatening to eat up the integrity of the cryptocurrency community is the issue of scams, hacks, cryptojacking and all sorts of fraudulent activities that is now proving too stubborn to eradicate.

Leading cryptocurrency exchange Binance may be faced with an uphill task as scammers have started sending out fake emails regarding the launch of its new project Binance DEX.

The primary objective of the fraudsters is to collect Binance usernames and passwords, which will be used to scam the unsuspecting users.

Although phishing scams are nothing new in the cryptocurrency world, it would seem that this latest attempt may be a successful venture if care is not taken. The main idea behind the scam touches upon the launch of Binance’s decentralized exchange, which is slated to go live in the coming months.

Although, it hasn’t been confirmed when that will be exactly, so any email that is talking about the new product should be ignored in its entirety.

In the said email, the scammers will announce the launch of the official Binance DEX and include a registration link. The recipients of the email are also informed that there will be a three-day period for registration where users can sign up for the DEX using their ‘’private keys.”

The request for the provision of the private key is enough red flag to dissuade any user because private keys should never be shared with any form of second party whatsoever. The users are also asked to click on a link, which redirects them to a site that looks exactly like Binance’s.

Next Level of Phishing Websites

One of the objectives of the Phishing websites is that they try as much as they can to replicate the original site, in a bid to dupe the unsuspecting users.

The scammers will also warn users that they only have three days to complete this sign up process after which they won’t have the chance to register again, as the Binance DEX will be suspended indefinitely.

Although crypto experts might be familiar with this type of scam, it might as well work perfectly if one is new to the platform and does not know how they usually operate.

It is understandable that users are excited and are eager to explore the many features embedded in the new Binance DEX, but it should be noted that the company is yet to announce the official launch of the product and any email regarding the product should be deleted as fast as possible.

Binance will also not request for your private keys at any moment, any request for it must be termed as fraudulent and opposed vehemently.

Users must also note that most of these emails look real and authentic, but they are fake and should be disregarded. Phishing scams are predominant in the cryptocurrency market, they are in different shapes and forms, users should be careful at all times so that they won’t fall prey to these crypto thieves.

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