Hong Kong Police Issues Warning After $450,000 in Phishing Scam Losses by Binance Users.

Hong Kong Police Issues Warning After $450,000 in Phishing Scam Losses by Binance Users.After 11 Binance users in the area lost over $450,000 to phishing scams, the Hong Kong police department has issued an alert.Hong Kong police issued a warning...

Hong Kong Police Issues Warning After $450,000 in Phishing Scam Losses by Binance Users.

Hong Kong Police Issues Warning After $450,000 in Phishing Scam Losses by Binance Users.


After 11 Binance users in the area lost over $450,000 to phishing scams, the Hong Kong police department has issued an alert.


Hong Kong police issued a warning via its CyberDefender program about scammers posing as Binance who were sending texts requesting account verification by linking.


The warning stated, "Recently, scammers 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.


It also stated that after users clicked on the link, hackers had full access to the victims' wallets' cryptocurrency holdings.


In the last two weeks, 11 users of Binance have suffered losses.


Alone in the past two weeks, fraudulent messages have tricked 11 people into divulging their account login information.


Everyone who received a suspicious message was urged to report it to the police.


To assist locals in locating reliable exchanges, they also distributed the Securities and Futures Commission's recently released list of authorized virtual asset platforms.


The SFC has only issued full retail operating licenses to Hashkey and OSL thus far.


As previously mentioned, in May, the Hong Kong Police Force introduced CyberDefender, a brand-new metaverse platform designed to inform users of the potential risks connected to Web3 and the metaverse.


The platform was developed by the Cyber Security and Technology Crime Bureau (CSTCB), with a focus on preventing technology crime, in order to better prepare Hong Kong residents for the challenges that lie ahead in the digital age.


After the JPEX Saga, controversy erupted in Hong Kong.


Hong Kong, despite its evolving regulatory approach to digital assets, has become mired in controversy as a result of the JPEX scandal.


JPEX was founded in 2021, and through extensive advertising campaigns in important commercial and transportation hubs, it specifically targeted retail investors.


The exchange lured investors with claims of being a licensed cryptocurrency exchange and high returns of up to 20%.


However, the platform was accused of conducting "suspicious" activities and operating without a license by Hong Kong's Securities and Futures Commission on September 13.


The Hong Kong and Macau police have received 2,417 complaints about alleged losses exceeding HK$1.5 billion as part of the ongoing investigation.


Analysts and business professionals are worried that the JPEX fallout will make it difficult for businesses that deal in virtual assets and impede government efforts to grow the market.


Cyrus Ip, a crypto venture investor and the chief business officer at artificial intelligence start-up DreamWld Technology, said that the JPEX case "has created a negative impression for people in Hong Kong on digital assets and the broader Web3 industry at a time when people still don't fully understand what Web3 is."


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