Binance CEO Issues Big Call to Crypto Community: ‘Stay Committed’

Binance Chief Executive Officer Richard Teng has published a tweet, addressing the Binance community with an important statement.

Teng has revealed yet another recommendation for success – a strategy that not only Binance but other platforms can benefit from.

Teng’s success strategy for crypto community

Binance CEO’s tweet contained an image with a scheme of building a successful crypto product. It basically consists of two elements – progress and focus – which together form a staircase leading to success.

“Stay committed to the journey, and the results will follow,” Richard Teng tweeted with that image.

Stay committed to the journey, and the results will follow. pic.twitter.com/PaUk1m02r0

— Richard Teng (@_RichardTeng) February 18, 2025

Roughly a week ago, the Binance boss issued another tweet about what it takes to reach success when running a team building a crypto product. Back then, Teng highlighted the importance of teamwork, which consists of four elements: creativity, vision, mission and goals. All of them combined lead to success, Teng stated.

Teng warns against falling for new type of scam

Earlier today, Teng sounded the alarm on the X platform about a new type of cryptocurrency fraud called a “sheer-seed-phrase” scam. He warned that this new scam was on the rise now. This variety of fraud manipulates users into transferring their crypto holdings to wallets under the control of scammers.

Scammers claim that users’ wallets have been compromised, offering to save their funds by transferring them to “safe” wallets controlled by bad actors. To do that, scammers share the seed phrase of their allegedly safe wallet with users. Hence, the name – a “sheer-seed-phrase” scam.

Have a read ⤵️https://t.co/9Va5fgIfaV

— Richard Teng (@_RichardTeng) February 18, 2025

The mechanism of this scam is the following. First, an unaware crypto user receives a call or text, which claims that their wallet is compromised. Then, the user receives a seed phrase for a “secure wallet” that can be utilized instead. A panicking user grabs this chance and transfers his/her crypto just to lose it forever to the scammers. Those are the details from the Binance post shared by Teng in the comments to his own tweet. The post also reminds the community that Binance will never ask users to transfer funds from their accounts for “security purposes.”

The post also shares a list of five “dos” and five “don’ts” for the community to avoid having their crypto stolen from Binance accounts.

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