Bitrabo Editorial
Changpeng Zhao, co-founder of Binance, has recently alerted the crypto community about the rise of fake social media accounts aimed at deceiving investors. Known as ‘CZ,’ he criticized the team at X for not effectively managing these fraudulent profiles.
Warning from Binance Founders
On Monday, CZ took to X to warn his nearly nine million followers regarding fake social media accounts that target cryptocurrency investors. He shared a statement from a community member highlighting the problem.
The initial post revealed that certain accounts were impersonating Binance’s former CEO and Yi He, who is a co-founder and the Chief Customer Service Officer at the exchange. These fake profiles claimed to represent “Chinese accounts” for investors in China.
The impersonators had created their accounts between May 2018 and May 2021 and managed to gain around 60,000 followers by displaying X’s blue verification badge, before they were eventually removed.
Yi He responded to this alert by stating that she only operates one account on X. Meanwhile, CZ cautioned investors to remain vigilant about such accounts and requested that they report any profiles claiming to be him:
“Be cautious of fake ‘cz’ accounts. I only use this (@cz_binance) account on X. Any other accounts with ‘cz_…’ are fake, imposters, or scams. Please report them as you find them.”
He pointed out that many verified accounts are being misused to mislead unsuspecting users across various sectors. He expressed hope that the X team would enhance their efforts to eliminate these fraudulent accounts.
In addition, another X user identified various fake Facebook profiles posing as Binance’s co-founder.
CZ Taking a Break
Following his release from a four-month sentence for violating U.S. money laundering laws, CZ has kept a low profile on social media. Many followers anticipated his return to the platform, joking that his presence might boost market prices.
Since his release on September 27, CZ hasn’t been very active online. He previously mentioned that he needed some time to “chill,” a sentiment he reiterated today.
In response to a user’s suggestion for him to post more frequently, as “bad actors are getting out of control,” Zhao indicated he plans to return to regular updates but is currently appreciating his “quiet time.”
This recent warning marks the second alert from him since his release. Reports from Bitrabo indicate that Zhao also notified investors about deepfake videos of himself circulating on the internet, which fraudulently depict him “endorsing” various cryptocurrencies on platforms like YouTube.
Deepfake technology has become a tool for scammers, using the likeness of prominent figures, including Michael Saylor, Elon Musk, Donald Trump, and Anatoly Yakovenko to promote fake tokens.
Investors are advised to stay cautious of suspicious offers and posts from seemingly authentic profiles, adopt robust security practices, and avoid sharing personal information online.
