CZ shared an incident in which Binance helps to save $20M: Scam Alert

On Aug 3, 2023

Binance CEO CZ shared a short scam story to bring awareness in the crypto community against scammers.

On 2 Aug 2023, Binance CEO Changpeng Zhao (CZ) shared an incident, or say scam incident, that a crypto operator faced.

According to CZ, the crypto operator used his past used crypto address from the crypto wallet to send the $20 million USDT but suddenly the operator realized that the address at which he sent the funds was only looking like his own crypto address.

CZ explained that the scammer sent a dust amount of crypto to the crypto operator’s wallet and also he used a similar kind of address to send the fund, so in that situation, the crypto operator was not easily able to detect the mistake.

Just after the realization of the mistake, the Binance team was able to contact the Tether (USDT) team to freeze the funds. Now the crypto operator will file a police complaint & further some other formalities to recover the funds.

Through this small scam incident story, CZ suggested people check the crypto address carefully before sending the funds and also don’t try to use the last/past used crypto addresses.

I want to share this (luckily) unsuccessful, but very clever and close scam incident from yesterday 👇. Saved $20m. Hope it may also save you one day.

The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check… https://t.co/DFpdX8aNay
— CZ 🔶 Binance (@cz_binance) August 2, 2023

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