Only about 50 profiles out of 7,000 Binance employees on LinkedIn are real, according to CZ

LinkedIn crypto scams typically start with unsolicited token sign-up offers from LinkedIn users claiming to be from reputable crypto exchanges.< /p> New

According to a Twitter post on Sunday by Binance CEO Changpeng Zhao, also known as CZ, only about 50 out of 7,000 users claiming to be employees of the world's largest cryptocurrency exchange on Linkedin are real. The head of crypto lamented the lack of an actual ID authentication system on Linkedin, saying:

"I wish LinkedIn had a feature for the company to verify people. So many 'hey, I'm in charge of the list' scammers on LinkedIn. Be careful."

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The crypto scam on LinkedIn usually begins with an unsolicited request from an apparent official of a crypto exchange to project stakeholders for a possible list of tokens. Profiles are smartly designed to show years of industry experience, as well as multiple connections, sometimes as many as 500+, to derive an image of apparent legitimacy.

A unsolicited signup offer from a LinkedIn member claiming to be from Bithumb. Source: Zhiyuan Sun

Once a victim has been found, the scammer then sends a document via email or telegram containing the details of the registration process as well as an initial security deposit required for "service." However, as soon as the victim transfers the requested digital assets to the deposit address, the scammer breaks all contact and pockets the funds.

A fake Bitfinex registration document, which claims to require a deposit of 250,000 USDT to begin the process. Source: Zhiyuan Sun

Legitimate exchanges usually do not require initial deposit or registration fee. Instead, a due diligence team reviews the potential token for security, compliance, legal framework, and overall project utility, then schedules a meeting with the asset issuer to discuss next steps. According to the scale...