Binance warns of crypto fraud

Binance has issued a global warning about a growing malware threat targeting cryptocurrency users.

According to Binance, this malware, known as the “Clipper malware,” changes wallet addresses during transactions and leads to financial losses if the wallet user does not notice it.

The malware tricks victims into sending cryptocurrency to the wrong destination by replacing the user’s copied wallet address with an address controlled by the attacker. In other words, the malware changes some wallet address numbers during crypto transactions, causing users to send the funds to the hackers instead of the intended recipients.

Dear @AliAmosi

Clipper is a sneaky malware that unintentionally transfers assets to malicious wallets. Most likely, the browser, profile, or operating system has been compromised. When using whitelisting, simply pull back: #Binance will prevent change…

— Binance Customer Support (@BinanceHelpDesk) June 1, 2024

According to Binance (BNB), the issue has escalated in recent weeks with a noticeable spike around August 27, 2024. The malware is spreading via unofficial apps and plugins, specifically targeting Android users, but iOS users are also at risk.

Many users accidentally download malware when searching for software in their local language or through uncertified sources.

Risk taking precautions

In response, Binance’s security team has implemented several measures to counter the threat. They have blacklisted suspicious addresses, notified affected users, and are closely monitoring for further risks.

Users are advised to triple-check their withdrawal addresses and ensure that no malware has interfered with their transactions.

The company also urged users to verify the authenticity of apps and plugins, double-check withdrawal addresses, and install reliable security software to protect against these scams. Binance also recommends regularly updating your security software to stay safe.