Binance Alerts Users about New Bitcoin Scam
A crypto scam resulted in a user losing $91 million,prompting security warnings.
On August 19, 2025, crypto investigator ZachXBT revealed a massive Bitcoin theft amounting to $91 million. The victim fell for a social engineering scam where attackers impersonated the crypto exchange and hardware wallet support through text messages.
the attackers exploited human trust to gain sensitive facts, which allowed them to control the stolen Bitcoin. ZachXBT noted that this particular incident involved a single user losing a staggering 783 BTC.
Consequently, Binance has issued a warning to its users about similar scams. chinese reporter Colin Wu shared the exchange’s alert on his social media:
- Scammers send fake SMS messages pretending to be from Binance.
- They claim your account is under threat to trick you.
- Binance never contacts users directly via SMS or phone calls.
These scams typically involve messages stating that a new device has logged into your account, followed by urgent requests for call-backs or website logins.
Hacken reports that such scams caused $600 million in losses during the first half of 2025, accounting for nearly 19% of all crypto platform losses.
