Elon Musk’s X.com is facing criticism for its inadequate measures against cryptocurrency scams proliferating on the platform. Binance co-founder Yi He recently voiced her concerns on the app, questioning if its billionaire owner would tackle the issue.
Yi He’s worry stemmed from an impersonation scam on X.com, where she shared images of accounts mimicking her X handle (@heyibinance) and her actual name.
The Binance executive highlighted one specific scam directing users to click a link promising access to Binance-backed memecoins. Yi He clarified that no such coins exist and warned that clicking the link could result in financial loss:
“I have not issued any new MEMEcoins.
“Clicking on the link will result in your money being stolen.
“Many people were tricked by this hacker link and lost a significant amount of money today.
“Is there any way to address this issue?”
As Cointelegraph reported, cryptocurrency scams have become rampant on X.com, with analysts attributing a significant portion of all crypto scams to the platform.
Analysis from Scam Sniffer, a Web3 anti-scam company on X, reveals that nearly $50 million is lost each month, with account impersonation on X.com being a major contributor.
READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement
Many pundits note that these issues existed before Elon Musk’s acquisition of Twitter and its rebranding to X.
However, confusion over the new owner’s controversial paid verification service, which allows anyone with a smartphone to register and receive verification, may be exacerbating the public’s susceptibility to impersonation scams on the platform.
A review of Musk’s statements during the Twitter takeover indicates he intended to address the “bot” and “spam” problems, but it’s unclear if he specifically targeted cryptocurrency scams.
At the time of this article’s publication, Musk had not responded to Yi He’s post on X.com.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
