The Truth Behind User False Crypto Scam Story To Frame Binance

What Happened When A User Tried to Blame Binance for Fake Crypto Scam

Highlights

• Binance also uncovered a self-directed fraud in which a customer accused a its executive.

• Research showed forged chat logs and a self-transferred wallet.

• Binance safety tips for users and a warning to take legal action against fake allegations.

Recently, a news disclosed a unique self-staged crypto scam in which a customer had forged documentation to falsely implicate an executive of the platform in an attempt to receive a refund and publicity by pressuring and deceiving.

What Happened?

In recent reports, a new cryptocurrency scam was reported by Binance when one of the users reported to the customer support, saying that he was swindled by a purported Binance executive. The user claimed that money was transferred following fund transfer promises through a private chat. 

The accusation was so serious that the exchange initiated an in-depth internal investigation. As the investigation continued, discrepancies started to appear in the evidence presented, and this brought doubt over the validity of the assertion and the true motive of the complaint.

Source: sisi X account

Why and How Did a User Accuse Binance?

• The user sued Binance by providing screenshots of a private Telegram message and a transaction history, saying that a company's executive had personally requested money and vanished. 

• The story was crafted in such a way that it seemed urgent and emotionally compelling. 

• The user tried to put pressure on the customer service by posing as a victim and affecting the public opinion through a possible social media blowout. 

• The seemingly rational reason was financial reimbursement or a refund by positioning the platform and its executive as the cause of the so-called loss.

Binance Response: The Investigation

Binance exchange took the allegation seriously and launched an internal security, compliance, and blockchain analysis team investigation. The company was reviewing on-chain data, authenticating account ownership, and checking the authenticity of chats. The real executive whose name was employed in the claim was also contacted. 

In the process, the exchange reiterated its duty to users but adopted a zero-tolerance policy towards deception. The inquiry was to establish the truth without favor or prejudice to safeguard the real users as well as the integrity of the platform.

Truth From Investigation: False Claim Revealed

The investigation eventually proved that the allegation was bogus. Key findings included:

• The wallet address that was stated to be that of the scammer was probably owned by the user himself.

• The transfer evidence presented was not a direct executive request but an escrow site.

• The screenshots of chats depicted too simplified dialogues, which are not consistent with the actual support interactions.

• The user did not give any history of live chat, saying it was deleted because of privacy settings.

• The challenged executive account was confirmed to be a genuine executive who was not aware of the incident.

• No account fraud or unauthorized conduct was identified.

• There were indications that there was an intentional effort to create pressure through false records and fake confrontation.

The Exchange concluded that the case was a self-organized scam aimed at taking advantage of customer service and the trust of the population.

Source: Official

Safety Tips and Warnings

The Binance Changpeng Zhao (CZ) insists that users should go through the website's official safety tips:

• The exchange does not demand transfers of funds in private.

• Check contacts using official applications only.

• Disregard unsolicited investment or support messages.

• Call in case of suspicious activity.

Conclusion

By highlighting this fake scheme, the exchange reiterated its dedication to transparency, user protection, and accountability, and reminded the crypto community to be more aware of changing and deceptive fraud schemes.

Disclaimer: This is not financial advice. Please DYOR before investing. CoinGabbar is not responsible for any financial losses. Crypto assets are highly volatile, and you can lose your entire investment.