Beware of SMS Spoofing, Binance CEO Issues Major Warning

Binance CEO Richard Teng has taken to the social media platform X to warn community members about a new scam ravaging the crypto ecosystem. Teng flagged SMS spoofing as the next biggest strategy among scammers, noting the need to stay safe.

Beware of SMS spoofing

According to Richard Teng, scammers can send fake texts that will appear in the same thread as official messages. This is usually done to trick the unsuspecting user into sharing sensitive information.

Accompanying the update is a post detailing scammers’ tactics. While they try to take advantage of SMS gateways, scammers can easily change sender IDs because of associated system weaknesses.

Beware of SMS spoofing!

Scammers can send fake texts that appear in the same thread as official messages, trying to trick you into sharing sensitive info.

Stay vigilant 👇https://t.co/EAccBiu3CT

— Richard Teng (@_RichardTeng) April 23, 2025

In addition, these scammers can change sender IDs through VoIP (Voice over Internet Protocol). This allows scammers to act as Binance reps to exploit users. While these scams are not new, awareness, as other top projects also say, is necessary to safeguard users.

One primary way to avoid these scammers is to verify every text or message from alleged official sources. The hack is suspected of any communication that seeks to extract personal or sensitive information from users.

Crypto scam not ending soon

Binance and other top exchanges always warn users because of one unique fact: Scams are not going away anytime soon. As most projects advance in their scam detection modalities, scammers also evolve in their schemes.

Beyond the flagged SMS spoofing scam from the Binance CEO, other methods include artificial intelligence (AI)-tied impersonation of top leaders. Ripple Labs executives are a major victim of this on social media platforms like YouTube and X.

With consistent warnings, most projects have been able to shield their communities from major losses. For those who manage to fall victim, Binance, Coinbase and others have active transaction tracing tools to help recover some of the stolen funds with the help of law enforcement agencies.

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