Binance CEO Exposes “Share-Seed-Phrase” Crypto Scam – Here’s How to Stay Safe

Binance CEO Richard Teng is warning about a new crypto scam that’s tricking people into giving away their funds. The “share-seed-phrase” scam convinces victims that their wallets are compromised, pushing them to move their assets—straight into the hands of scammers. Here’s how it works and how you can avoid it.

How the Scam Works

Scammers send fake alerts claiming your wallet has been hacked. To “protect” your funds, they tell you to transfer them to a different wallet—one secretly controlled by them.

This trick works because it preys on fear. Panicked users rush to follow instructions without stopping to verify the warning. By the time they realize it’s a scam, their crypto is gone.

How To Protect Yourself from the Scam

Richard Teng stresses one key point: be skeptical. Scammers use fear and urgency to pressure victims. Here’s how to stay safe:

1. Pause and Think – If you get a warning about your wallet, don’t act immediately. Take a moment to assess the situation.
2. Verify the Source – Binance and other trusted platforms never ask for your private keys or seed phrase. If someone does, it’s a scam.
3. Beware of Urgent Requests – Scammers try to rush you. Real security alerts won’t force you to act instantly.
4. Check with Binance’s Official Support – If you’re unsure, contact Binance through their official website or app before doing anything.

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Crypto scams are becoming more sophisticated, but you can stay ahead by being cautious. Always double-check urgent messages, never share sensitive information, and rely on official sources for security updates. A little skepticism can go a long way in protecting your assets.