Binance warns of fake payment scams impersonating popular cryptocurrencies: Check the address

[Financial News] Binance, a global cryptocurrency exchange, warned people to beware of “fake payment scams” that use counterfeit tokens impersonating well-known crypto assets such as Bitcoin to induce payments.
According to industry sources on the 27th, Binance recently published the main tactics used in fake payment scams and ways to prevent them on its official blog. Scammers copy the names and logos of Bitcoin, Tether and other assets, and even display dollar values in wallets to make it look as though payment has been made properly.
After issuing counterfeit tokens, scammers create small liquidity pools worth $2,000–$5,000. Then, once a victim provides goods or services, they sell off large quantities of their tokens to drain the liquidity. As the token’s value plummets in the process, victims are left holding assets that are difficult to convert into cash.
To help prevent losses, Binance recommended checking the blockchain network used for payment, the token’s contract address, and whether it can actually be exchanged. A Binance representative stressed, “Counterfeit tokens can be difficult to distinguish at a glance from legitimate crypto assets,” adding, “Before providing goods or services, you should verify the authenticity of the assets you receive yourself.”
Meanwhile, Binance had also warned of rug-pull scams in security guidance published last month. In these scams, perpetrators withdraw liquidity or sell off large amounts of their holdings, causing prices to plunge.

[email protected] Im Sang-hyeok Reporter