Binance Cofounder Issues Scam Warning to Crypto Community

Yi He, cofounder of Binance, the world's largest cryptocurrency exchange, has issued a warning to the crypto community regarding the prevalence of scams on Telegram, a popular messaging platform widely used by cryptocurrency enthusiasts.

He cautions the crypto community in a tweet, saying, "I never discuss investments and listings with project parties. My Telegram name is not Yi He. Please note that on Telegram, the bio allows for the use of the same username as yours, which can then be used for scams."

The Binance CEO shared a screenshot and a tweet of one such scam evolving around the Binance Labs Incubation program.

Binance incubation is a two-month program with mentoring sessions and fireside chats with industry luminaries and a network of other founders. Applications for the Season 7 program are open until April 15, 2024.

Binance Labs is run by Yi He, who cofounded Binance with former CEO Changpeng (CZ) Zhao. The venture capital business is a frequent early-stage sponsor of cryptocurrency ventures. It also operates both as a venture capital investor and an incubator, with one program focusing on firms building on the BNB Chain and another that is blockchain-agnostic.

According to reports, Binance Labs has become an independent entity and severed some ties with the larger group. Crypto exchange Binance quietly spun off its $10 billion venture capital arm earlier this year, in one of the most notable developments of CEO Richard Teng's early tenure.

The latest warning from the Binance cofounder highlights the importance of vigilance and caution when engaging with messages or offers that seem too good to be true. Scammers are becoming more skilled in their tactics, so crypto users must remain watchful and wary of any unsolicited messages or offers they receive, particularly on social media.