It saved $20 million, he said, adding, "I hope one day it will also save you."
Scammers are becoming increasingly sophisticated, and their most recent tactic involves the generation of addresses with identical beginning and ending letters. CZ stated that this is what most people look for when transferring funds.
Scam Concerning Crypto Addresses Is Highlighted
He added that some wallets conceal the central portion of an address to improve the user interface. This is advantageous for the con artist.
ALSO WATCH:Celsius Files An Application With The Court To Convert A Portion Of Cryptocurrency To BTC Or ETH
The con artists send 'dust' to the victim's wallet using a newly generated address with the same initial and final letters. Dust is the minuscule amount of a digital asset that is frequently left in vacant wallets.
Users may inadvertently select this fraudulent wallet to conduct a legitimate transaction, as it now appears in the transaction history and has the same start and end times as the legitimate target wallet.
"You may be copying the incorrect one. This is what transpired yesterday with a highly experienced cryptographic operator," CZ stated.
ALSO WATCH:France investigates Binance for alleged money laundering
He added that the procedure for reclaiming the funds now includes filing a police report. "At least, the funds won't leave with the scammers," he said, adding that "quick action is essential for these types of recoveries."
Some respondents to the tweet stated that they had fallen victim to this type of fraud. Others inquired when Binance would support ENS (Ethereum Name Service), which would eradicate the problem of fake cryptocurrency addresses.
BNB Prospects
At the time of writing, the Binance native token was trading for $240, down 3% on the day. However, the decline is not the result of a fraud, as broader crypto markets are declining once more.
ALSO WATCH:Half-Life Of Bitcoin, A Priori Is Not A Criteria: Coinbase | CoinDesk JAPAN | CoinDesk JAPAN
BNB has been relatively stagnant since mid-June, when it plummeted in response to the SEC lawsuit. Since then, the asset has lost 22% and is down 65% from its all-time high.
