Binance Tourist Billboards in Turkey
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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. [1][2][3]
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.
| 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
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ Rogue cryptocurrency billboards go phishing for wallets (Aug 30, 2022)
- ↑ https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-of-billboard-scams (May 24, 2022)
- ↑ @Binance_Turkish Twitter (May 24, 2022)