SMS Scam Impersonating Binance Exploits Aftermath of Bybit Hack, Tricks Users

An SMS scam is exploiting the chaos following Bybit’s record-breaking hack to trick Binance users into transferring their assets.

Fake SMS Messages Appear in Binance’s Official Message Thread

Scammers have been actively targeting Binance users recently by impersonating the exchange and sending fraudulent SMS messages. These fake messages appear in Binance’s official SMS thread, appearing to be sent from the exchange’s official phone number. They falsely claim that users’ accounts are experiencing security issues, creating panic and pressuring them to interact with the scammers.

According to victims, the level of panic increases when the messages warn that their accounts have been accessed from countries like North Korea, which are known for cybercrime activities. Hong Kong-based Web3 expert Joe Zhou shared his experience on LinkedIn:

I just received an SMS from my regular Binance number, where I always receive verification codes. It told me that my Binance account was being accessed from North Korea.

Just a few days ago, the world was shocked by the largest cryptocurrency exchange theft in history, when hackers linked to North Korean group Lazarus stole $1.4 billion worth of ETH from Bybit.

Binance Warns: Fake Wallets Used to Steal Assets

Binance has highlighted that scammers trick users into transferring assets to fake wallets under the guise of protecting their assets. These wallets, which are pre-made and falsely presented as safe alternatives, are in fact completely under the control of the scammers.

Binance will never provide users with existing wallets or send mnemonic phrases via SMS or other methods

Why this matters

With crypto scams becoming increasingly sophisticated, even experienced traders can fall victim. The Binance SMS scam shows how attackers exploit major security breaches, highlighting the need for greater awareness and stronger user protection.