Binance CEO Warns of New Seed Phrase Scam
Date: 2025-02-19 Author: Henry Casey Categories: BUSINESS
Binance CEO Richard Teng has reported the spread of a new scam aimed at stealing cryptocurrency from users. This method is called “Share-Seed-Phrase” and has already become widely used by attackers.
As Teng explained, scammers send out fake notifications about a supposedly hacked wallet, offering the owner to “save” their assets. They pass on to users a seed phrase from a supposedly safe wallet, which is actually under their control.
Victims often act on emotions, without checking the authenticity of such messages, which leads to the loss of funds. According to information published on the Binance blog, it is almost impossible to get money back in such cases.
The exchange representatives emphasized that Binance never requests private keys or seed phrases from its clients. Users are advised to double-check any information related to the security of their funds exclusively through the company's official channels.
Kaspersky Lab specialists previously drew attention to a similar fraudulent scheme. According to them, the attackers distributed seed phrases and wallet addresses in comments on YouTube, luring users into a trap.
