Binance Tourist Billboards in Turkey - Revision history

Azoundria: 30 minutes. Review of article and remove template stuff. Massive integration of information from The Street and Malware Bytes articles, as well as reconciling that information against the reality of the exchange business being operated.

2024-04-09T21:39:28Z

30 minutes. Review of article and remove template stuff. Massive integration of information from The Street and Malware Bytes articles, as well as reconciling that information against the reality of the exchange business being operated.

Show changes

Azoundria: Another 30 minutes complete.

2023-06-13T18:16:24Z

Another 30 minutes complete.

← Older revision		Revision as of 12:16, 13 June 2023
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	{{~~Imported~~ Case Study~~\|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php~~}}[[File:Binancetourist.jpg\|thumb\|Binance Tourist Fake Billboards]]Binance ~~reported billboards that were impersonating~~ the ~~company~~ to ~~Turkish residents~~. ~~This incident targeted people primarily in Turkey~~.		{{Case Study Under Construction}}[[File:Binancetourist.jpg\|thumb\|Binance Tourist Fake Billboards]]Billboards started appearing in Turkey which claimed to be related to the cryptocurrency exchange Binance. From what can be researched, a cryptocurrency broker in Turkey was using the Binance brand far too prominently to build trust with potential customers. There was no specific cases uncovered of any other theft or fraud by that company, although some individuals alleged this was possible on social media.

	== About Binance ==		== About Binance ==
	"Back in May, cryptocurrency exchange Binance warned of a rash of bogus billboards popping up in Turkey. Scam artists "plastered fake Binance billboards throughout the country", many of which included a phone number answered by criminals behind the scheme."		"Back in May, cryptocurrency exchange Binance warned of a rash of bogus billboards popping up in Turkey. Scam artists "plastered fake Binance billboards throughout the country", many of which included a phone number answered by criminals behind the scheme."

	"The tactic used here was to convince unwary investors to hand over their seed/recovery phrases. Others were asked to register new accounts. Cryptocurrency scams involving new accounts tend to have funds deposited over time. Eventually the scammers have the victim transfer the funds to sites run exclusively by them. No matter which tactic is used, someone pulled in by the billboard has a strong chance of losing out."

	"This is clearly a technique which is working for phishers no matter the location. If you're at an event or simply out and about and spot a cryptocurrency billboard, play it safe. Does the billboard mention a digital finance organisation? Check with the organisation if the URL is genuine. If you're asked for seed/recovery phrases, don't hand them over. Does the billboard make claims of doubling whatever you deposit? This is almost certainly a scam, especially if tied to a promotion from Elon Musk or TESLA."

	This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey.		This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey.
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	* How the service was structured behind the scenes. (For example, there was no "trading bot".)		* How the service was structured behind the scenes. (For example, there was no "trading bot".)
	* Details of what audits reported and how vulnerabilities were missed during auditing.		* Details of what audits reported and how vulnerabilities were missed during auditing.
			"The tactic used here was to convince unwary investors to hand over their seed/recovery phrases. Others were asked to register new accounts. Cryptocurrency scams involving new accounts tend to have funds deposited over time. Eventually the scammers have the victim transfer the funds to sites run exclusively by them. No matter which tactic is used, someone pulled in by the billboard has a strong chance of losing out."

			"This is clearly a technique which is working for phishers no matter the location. If you're at an event or simply out and about and spot a cryptocurrency billboard, play it safe. Does the billboard mention a digital finance organisation? Check with the organisation if the URL is genuine. If you're asked for seed/recovery phrases, don't hand them over. Does the billboard make claims of doubling whatever you deposit? This is almost certainly a scam, especially if tied to a promotion from Elon Musk or TESLA."

	== What Happened ==		== What Happened ==
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	\|June 23rd, 2022		\|June 23rd, 2022
	\|MalwareBytes Labs Article		\|MalwareBytes Labs Article
	\|The MalwareBytes Labs referenced the attack billboard in an article about [[NFT NYC Malicious QR Code Phishing\|a billboard attack as part of NFT NYC]]<ref name="unnamed-10602" />.		\|The MalwareBytes Labs referenced the attack billboard in an article about [[NFT NYC Malicious QR Code Phishing\|a billboard attack as part of NFT NYC]]<ref name="unnamed-10602" />. According to their article, the use of rogue billboards as a scam technique in the field of digital finance is becoming more prevalent. Recently, fake billboards advertising cryptocurrency exchange Binance appeared in Turkey, with scammers operating behind the scheme and tricking unsuspecting investors into revealing their seed phrases or registering new accounts. Victims of such scams are often lured into depositing funds that eventually end up being transferred to the scammers' sites. It is important to exercise caution when encountering cryptocurrency billboards, verify the authenticity of the organization mentioned, refrain from providing seed phrases, and be wary of claims promising to double deposits.
	\|}		\|}

			== Technical Details ==
			Billboards were reported across several regions of Turkey including Konyaaltı, MarkAntalya, and Antalya<ref name=":12" /><ref name=":13" />.

			According to Turkish tweets, the billboard owners operated out of an apartment<ref name=":12" />. The business appears to be operating as a commission-based brokerage<ref name=":5" /> using the Binance logo without authorization<ref name="unnamed-10614" />.

	== Total Amount Lost ==		== Total Amount Lost ==
	~~The total amount~~ lost ~~is unknown~~.		There are no reports of any funds being lost in this incident.

	~~How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?~~

	== Immediate Reactions ==		== Immediate Reactions ==
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	The image below has nothing to do with Binance.		The image below has nothing to do with Binance.

	Necessary legal processes have been initiated against persons who are clearly involved in fraudulent activities.</blockquote>Turkish users had various reactions (all translated from Turkish)<ref name=":6" /><ref name=":7" /><ref name=":8" /><ref name=":9" /><ref name=":10" /><ref name=":11" />:<blockquote>Fraud using unauthorized logo , name , brand trust , officially give up . I have no doubt that they will get a record penalty</blockquote><blockquote>What does your legal department do, file a lawsuit if you don't mind</blockquote><blockquote>It's as if they were going to sue both legally and legally. I don't understand how it happened. (TBD - needs better translation.)</blockquote><blockquote>Even the scammer is cheating more by advertising on the boards, no matter how he got rich</blockquote><blockquote>Are they renting these billboards from the grocery store? Didn't anyone ask for tax plate, signature circular, stamp, commercial registry etc.??? My God, the country is like a joke or a joke. All kinds of scams are open!!</blockquote><blockquote>OC.lar is playing big scam. Since they continue to such large expensive boards, they are holding up well. It will be on TV soon.</blockquote>According to Twitter users, the culprits were operating out of an apartment and had ads in Konyaaltı, MarkAntalya, and Antalya regions of Turkey<ref>[https://twitter.com/Redkit_Trader/status/1523395204845162497 Redkit Trader - "this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment" - Twitter] (Apr 5, 2023)</ref><ref>[https://twitter.com/HA5AN_TR/status/1523565309286035462 Hasan - "This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region." - Twitter] (Apr 5, 2023)</ref>.<blockquote>this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment.</blockquote><blockquote>This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region.</blockquote>		Necessary legal processes have been initiated against persons who are clearly involved in fraudulent activities.</blockquote>Turkish users had various reactions (all translated from Turkish)<ref name=":6" /><ref name=":7" /><ref name=":8" /><ref name=":9" /><ref name=":10" /><ref name=":11" />:<blockquote>Fraud using unauthorized logo , name , brand trust , officially give up . I have no doubt that they will get a record penalty</blockquote><blockquote>What does your legal department do, file a lawsuit if you don't mind</blockquote><blockquote>It's as if they were going to sue both legally and legally. I don't understand how it happened. (TBD - needs better translation.)</blockquote><blockquote>Even the scammer is cheating more by advertising on the boards, no matter how he got rich</blockquote><blockquote>Are they renting these billboards from the grocery store? Didn't anyone ask for tax plate, signature circular, stamp, commercial registry etc.??? My God, the country is like a joke or a joke. All kinds of scams are open!!</blockquote><blockquote>OC.lar is playing big scam. Since they continue to such large expensive boards, they are holding up well. It will be on TV soon.</blockquote>According to Twitter users, the culprits were operating out of an apartment and had ads in Konyaaltı, MarkAntalya, and Antalya regions of Turkey<ref name=":12">[https://twitter.com/Redkit_Trader/status/1523395204845162497 Redkit Trader - "this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment" - Twitter] (Apr 5, 2023)</ref><ref name=":13">[https://twitter.com/HA5AN_TR/status/1523565309286035462 Hasan - "This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region." - Twitter] (Apr 5, 2023)</ref>.<blockquote>this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment.</blockquote><blockquote>This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region.</blockquote>

			=== MalwareBytes Allegations of Phishing ===
			MalwareBytes posted a scathing attack on the billboard. According to their article, scammers operating behind the scheme and tricking unsuspecting investors into revealing their seed phrases or registering new accounts. Victims of such scams are often lured into depositing funds that eventually end up being transferred to the scammers' sites. It is important to exercise caution when encountering cryptocurrency billboards, verify the authenticity of the organization mentioned, refrain from providing seed phrases, and be wary of claims promising to double deposits, particularly if associated with Elon Musk or TESLA.

	== Ultimate Outcome ==		== Ultimate Outcome ==
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	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:~~Individuals~~:~~Placeholder~~}}		{{Prevention:Individual:No Individual Funds Lost}} However, there is speculation that the operation may have been operating fraudulently or targeting private keys of individuals.

			{{Prevention:Individual:Avoid Large Cash Transactions}}

			{{Prevention:Individual:Never Share Private Keys}}

	{{Prevention:Individuals:End}}		{{Prevention:Individuals:End}}

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	{{Prevention:Platforms:~~Placeholder~~}}		{{Prevention:Platforms:No Platform Funds Lost}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}

	== Regulatory Prevention Policies ==		== Regulatory Prevention Policies ==
	{{Prevention:Regulators:~~Placeholder~~}}		{{Prevention:Regulators:Cryptocurrency Education Mandate}}

			{{Prevention:Regulators:Platform Security Assessments}}

			{{Prevention:Regulators:Establish Industry Insurance Fund}}

	{{Prevention:Regulators:End}}		{{Prevention:Regulators:End}}

Azoundria: Update to the initial wiki article.

2023-04-05T18:51:40Z

Update to the initial wiki article.

← Older revision		Revision as of 12:51, 5 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php}}[[File:Binancetourist.jpg\|thumb\|Binance Tourist Fake Billboards]]Binance reported billboards that were impersonating the company to Turkish residents. This incident targeted people primarily in Turkey.
	~~{{Unattributed Sources}}~~

	[[File:Binancetourist.jpg\|thumb\|Binance Tourist Fake Billboards]]Binance reported ~~fake~~ billboards that were impersonating the company to Turkish residents. ~~The exact nature of the fraud and resulting impacts has not been fully explored.~~

	This ~~exchange or platform is based in Turkey, or the~~ incident targeted people primarily in Turkey.
	~~<ref name="unnamed-10602" /><ref name="unnamed-10613" /><ref name="unnamed-10614" />~~

	== About Binance ==		== About Binance ==
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	== What Happened ==		== What Happened ==
	~~The specific events of the loss~~ and ~~how it came about~~. ~~What actually happened to cause the loss and some of~~ the ~~events leading up to it~~.		Individuals in Turkey operated an exchange service which took a commission and allowed buying or selling cryptocurrencies for local currency. They used the Binance name without authorization for this service<ref name="unnamed-10614" />.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - Binance Tourist Billboards in Turkey		\|+Key Event Timeline - Binance Tourist Billboards in Turkey
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	!Event		!Event
	!Description		!Description
			\|-
			\|April 7th, 2022 5:56:00 AM MDT
			\|Twitter Post Showing Billboards
			\|Twitter user Doruk Ardahan shares a screenshot of the billboards on Twitter. The caption can be translated to "What's this?"<ref>[https://twitter.com/DorukArdahan/status/1512036470290321412 DorukArdahan - "What's this?" - Twitter] (Apr 5, 2023)</ref> Many users provided details that it was an exchange service operating by phone or out of a local apartment, and the service operated using some features of the Binance platform and used the name Binance name to build trust<ref name=":0">[https://twitter.com/0xSuhan/status/1512093335590211588 0xSuhan - "most likely for KYC-free purchases. I think the reason why it is called Binance is that even the street grocer knows Binance." - Twitter] (Apr 5, 2023)</ref><ref name=":1">[https://twitter.com/Celik_brs/status/1512062669947166731 Baris Celik - "A cryptocurrency exchange poster made for the Iranians who came to Antalya during the Nevruz period." - Twitter] (Apr 5, 2023)</ref><ref name=":2">[https://twitter.com/Celik_brs/status/1512086770799710213 Baris Celik - "There is no shop, they actually communicate by phone. I haven't seen the shop yet." - Twitter] (Apr 5, 2023)</ref><ref name=":3">[https://twitter.com/Celik_brs/status/1512090962616410113 Baris Celik - "It's the work of a vigilant investor using Binance's name.." - Twitter] (Apr 5, 2023)</ref><ref name=":4">[https://twitter.com/avaxbtc/status/1512326826567380993 AvaxBTC - "binance opened the free transfer feature ... with this feature, they started doing crypto exchange business" - Twitter] (Apr 5, 2023)</ref><ref name=":5">[https://twitter.com/hj2got123/status/1512139181119713288 Demir - "the tether or coin is exchanged in his own account, then he withdraws it and gives it back for a certain commission." - Twitter] (Apr 5, 2023)</ref>.
	\|-		\|-
	\|May 8th, 2022 2:04:00 PM MDT		\|May 8th, 2022 2:04:00 PM MDT
	\|Issue Mentioned On Twitter		\|Issue Mentioned On Twitter
	\|Binance posts screenshots of the ~~malicious~~ billboards to their Twitter.		\|Binance posts screenshots of the billboards to their Twitter, making clear that they are not affiliated and mentioning that they will pursue legal actions against the billboard operators<ref name="unnamed-10614" />. The community response is highly negative against the billboard operators and accuses them of being scammers and frauds<ref name=":6">[https://twitter.com/BilgiKripto1/status/1523402358180311040 Bilgi Kripto - "Fraud using unauthorized logo , name , brand trust , officially give up . I have no doubt that they will get a record penalty" - Twitter] (Apr 5, 2023)</ref><ref name=":7">[https://twitter.com/EnesZubeyrAKGUL/status/1523397496889745416 Enes Zubeyr - "What does your legal department do, file a lawsuit if you don't mind" - Twitter] (Apr 5, 2023)</ref><ref name=":8">[https://twitter.com/selimhogr1/status/1523408291938074625 Selim Hosgor - It's as if they were going to sue both legally and legally. I don't understand how it happened. - Twitter] (Apr 5, 2023)</ref><ref name=":9">[https://twitter.com/Volkan_Te/status/1523393832896802816 Carimero37 - "Even the scammer is cheating more by advertising on the boards, no matter how he got rich" - Twitter] (Apr 5, 2023)</ref><ref name=":10">[https://twitter.com/CagatayKurt61/status/1523406292857286656 Cagatay Kurt - "Didn't anyone ask for tax plate, signature circular, stamp, commercial registry etc.???" - Twitter] (Apr 5, 2023)</ref><ref name=":11">[https://twitter.com/milaninyeri/status/1523406474554507265 Milan Inyeri - "OC.lar is playing big scam. Since they continue to such large expensive boards, they are holding up well. It will be on TV soon." - Twitter] (Apr 5, 2023)</ref>.
			\|-
			\|May 11th, 2022 5:24:00 AM MDT
			\|TheStreet Article Published
			\|An article about the billboards is posted to TheStreet Crypto<ref name="unnamed-10613" />.
			\|-
			\|June 23rd, 2022
			\|MalwareBytes Labs Article
			\|The MalwareBytes Labs referenced the attack billboard in an article about [[NFT NYC Malicious QR Code Phishing\|a billboard attack as part of NFT NYC]]<ref name="unnamed-10602" />.
	\|}		\|}

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	== Immediate Reactions ==		== Immediate Reactions ==
	~~How did~~ the ~~various parties involved (firm~~, platform, ~~management~~, and/or ~~affected individual~~(s)~~) deal with~~ the ~~events~~? ~~Were services shut down~~? ~~Were announcements made~~? ~~Were groups formed~~?		When a post about the billboards was initially shared on Twitter. Many users provided details that it was an exchange service operating by phone or out of a local apartment, and the service operated using some features of the Binance platform and used the name Binance name to build trust<ref name=":0" /><ref name=":1" /><ref name=":2" /><ref name=":3" /><ref name=":4" /><ref name=":5" />.<blockquote>most likely for KYC-free purchases. I think the reason why it is called Binance is that even the street grocer knows Binance.</blockquote><blockquote>A cryptocurrency exchange poster made for the Iranians who came to Antalya during the Nevruz period. For crypto exchanges such as currency exchange.

			There is no shop, they actually communicate by phone. I haven't seen the shop yet.

			It's the work of a vigilant investor using Binance's name..</blockquote><blockquote>If I'm not mistaken, binance opened the free transfer feature between users a while ago, and with this feature, they started doing crypto exchange business faster without waiting for wallet approval.</blockquote><blockquote>It's very simple, my brother sends arab tourist, the tether or coin is exchanged in his own account, then he withdraws it and gives it back for a certain commission.</blockquote>Binance Turkey posted on Twitter to announce the billboards were not associated with their company, in a tweet which can be translated as follows<ref name="unnamed-10614" />:<blockquote>For a while, billboards similar to the image below have been striking in different regions of Turkey.

			The image below has nothing to do with Binance.

			Necessary legal processes have been initiated against persons who are clearly involved in fraudulent activities.</blockquote>Turkish users had various reactions (all translated from Turkish)<ref name=":6" /><ref name=":7" /><ref name=":8" /><ref name=":9" /><ref name=":10" /><ref name=":11" />:<blockquote>Fraud using unauthorized logo , name , brand trust , officially give up . I have no doubt that they will get a record penalty</blockquote><blockquote>What does your legal department do, file a lawsuit if you don't mind</blockquote><blockquote>It's as if they were going to sue both legally and legally. I don't understand how it happened. (TBD - needs better translation.)</blockquote><blockquote>Even the scammer is cheating more by advertising on the boards, no matter how he got rich</blockquote><blockquote>Are they renting these billboards from the grocery store? Didn't anyone ask for tax plate, signature circular, stamp, commercial registry etc.??? My God, the country is like a joke or a joke. All kinds of scams are open!!</blockquote><blockquote>OC.lar is playing big scam. Since they continue to such large expensive boards, they are holding up well. It will be on TV soon.</blockquote>According to Twitter users, the culprits were operating out of an apartment and had ads in Konyaaltı, MarkAntalya, and Antalya regions of Turkey<ref>[https://twitter.com/Redkit_Trader/status/1523395204845162497 Redkit Trader - "this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment" - Twitter] (Apr 5, 2023)</ref><ref>[https://twitter.com/HA5AN_TR/status/1523565309286035462 Hasan - "This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region." - Twitter] (Apr 5, 2023)</ref>.<blockquote>this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment.</blockquote><blockquote>This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region.</blockquote>

	== Ultimate Outcome ==		== Ultimate Outcome ==
			Binance's tweet mentions that legal processed were started against the individuals behind the malicious billboards.<ref name="unnamed-10614" />

	What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?		What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

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	== References ==		== References ==
	<references><ref name="unnamed-10602">[https://www.malwarebytes.com/blog/news/2022/06/rogue-cryptocurrency-billboards-go-phishing-for-wallets Rogue cryptocurrency billboards go phishing for wallets] (Aug 30, 2022)</ref>		<references>
			<ref name="unnamed-10602">[https://www.malwarebytes.com/blog/news/2022/06/rogue-cryptocurrency-billboards-go-phishing-for-wallets Rogue cryptocurrency billboards go phishing for wallets - MalwareBytes Labs] (Aug 30, 2022)</ref>
	<ref name="unnamed-10613">[https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-of-billboard-scams ~~https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-~~of-~~billboard-scams~~] (May 24, 2022)</ref>		<ref name="unnamed-10613">[https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-of-billboard-scams Binance Turkey Warns Citizens of Billboard Scams - TheStreet Crypto] (May 24, 2022)</ref>
			<ref name="unnamed-10614">[https://twitter.com/Binance_Turkish/status/1523393524393459712 Binance_Turkish - "For a while, billboards similar to the image below have been striking in different regions of Turkey." - Twitter] (May 24, 2022)</ref>
	<ref name="unnamed-10614">[https://twitter.com/Binance_Turkish/status/1523393524393459712 @Binance_Turkish Twitter] (May 24, 2022)</ref></references>		</references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php}} {{Unattributed Sources}} Binance Tourist Fake BillboardsBinance reported fake billboards that were impersonating the company to Turkish residents. The exact nature of the fraud and resulting impacts has not been fully explored. This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey...."

2023-03-24T18:24:40Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php}} {{Unattributed Sources}} thumb|Binance Tourist Fake BillboardsBinance reported fake billboards that were impersonating the company to Turkish residents. The exact nature of the fraud and resulting impacts has not been fully explored. This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey...."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php}}
{{Unattributed Sources}}

[[File:Binancetourist.jpg|thumb|Binance Tourist Fake Billboards]]Binance reported fake billboards that were impersonating the company to Turkish residents. The exact nature of the fraud and resulting impacts has not been fully explored.

This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey.
<ref name="unnamed-10602" /><ref name="unnamed-10613" /><ref name="unnamed-10614" />

== About Binance ==
"Back in May, cryptocurrency exchange Binance warned of a rash of bogus billboards popping up in Turkey. Scam artists "plastered fake Binance billboards throughout the country", many of which included a phone number answered by criminals behind the scheme."

"The tactic used here was to convince unwary investors to hand over their seed/recovery phrases. Others were asked to register new accounts. Cryptocurrency scams involving new accounts tend to have funds deposited over time. Eventually the scammers have the victim transfer the funds to sites run exclusively by them. No matter which tactic is used, someone pulled in by the billboard has a strong chance of losing out."

"This is clearly a technique which is working for phishers no matter the location. If you're at an event or simply out and about and spot a cryptocurrency billboard, play it safe. Does the billboard mention a digital finance organisation? Check with the organisation if the URL is genuine. If you're asked for seed/recovery phrases, don't hand them over. Does the billboard make claims of doubling whatever you deposit? This is almost certainly a scam, especially if tied to a promotion from Elon Musk or TESLA."

This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Binance Tourist Billboards in Turkey
!Date
!Event
!Description
|-
|May 8th, 2022 2:04:00 PM MDT
|Issue Mentioned On Twitter
|Binance posts screenshots of the malicious billboards to their Twitter.
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="unnamed-10602">[https://www.malwarebytes.com/blog/news/2022/06/rogue-cryptocurrency-billboards-go-phishing-for-wallets Rogue cryptocurrency billboards go phishing for wallets] (Aug 30, 2022)</ref>

<ref name="unnamed-10613">[https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-of-billboard-scams https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-of-billboard-scams] (May 24, 2022)</ref>

<ref name="unnamed-10614">[https://twitter.com/Binance_Turkish/status/1523393524393459712 @Binance_Turkish Twitter] (May 24, 2022)</ref></references>