Tech
Binance Offers Rewards for Reporting Suspicious Activity to Increase Platform Security: Tech: Tech Times
From Quincy JonTech Times June 27, 2024 10:54 pm EDT
Binance seeks to improve the security of the platform after an internal analysis revealed the exploitation of features and services on the platform.
Cryptocurrency exchange uncovers abuse has brought unfair advantagesincluding higher billing rates and API limitations, which require greater protections, according to Gadgets360.
After repeated legal objections from governments around the world, Binance has reassessed its ease of use and sought to make changes. It said in a blog post that criminal actors have targeted sub-accounts, managed sub-wallets, and fund manager accounts to circumvent security measures.
In this photo illustration, the Binance app is seen on a phone on November 9, 2022, in Atlanta, Georgia.
(Photo: Michael M. Santiago/Getty Images)
Binance noted that it uses innovative technology to monitor account activity to prevent abuse. He assured that he will investigate “all potential or suspected incidents of abuse” and take necessary action, such as suspending and terminating violating accounts.
To encourage platform security, Binance compensates users for reporting suspicious activity. It stressed that reporting will significantly contribute to improving the platform.
Under global regulatory scrutiny, Binance launched this initiative. The cryptocurrency exchange platform surpassed 170 million users in December 2023. India fined Binance $2.25 million for violating the Prevention of Money Laundering Act, 2002. It also faced regulatory issues in the United States and Nigeria due to potential violations of cryptocurrency regulation.
Hong Kong Promotes Cryptocurrency Regulation
Meanwhile, Hong Kong aims to lead efforts to regulate cryptocurrencies alongside other Asian governments. TechTimes previously reported that the HKSAR Legislative Council has formed a cryptocurrency law group.
Johnny NG Kit-Chong, a member of the Hong Kong Legislative Council, announced on social media the creation of a subcommittee focused on cryptocurrencies. He said the panel will discuss Web3 and virtual asset regulations.
Despite the financial risks, the global cryptocurrency market is valued at $2.26 trillion.
Additionally, the panel will support Web3 and AI in regulation. To increase market confidence, the virtual assets subcommittee protects investors and consumers. Other priorities include investigating the applications and risks of stablecoins in Hong Kong and regulatory measures to ensure financial stability without limiting innovation.
Last month, Hong Kong’s SFC announced that it would inspect cryptocurrency exchanges for AMLO compliance. Following the United States, Hong Kong authorized Bitcoin and Ether ETFs in April to attract institutional investors.
Cryptocurrency scammers’ fake Elon Musk live stream reportedly attracted 30,000 viewers
Experts have detected a fake YouTube clip of Elon Musk at a Tesla event that served as a cover for a cryptocurrency fraud.
According to a report by Mashable, scammers are broadcasting Musk’s speeches as a live feed on YouTube. The video is often real but looping, with a AI-Generated Voice Imitating Musk or generic audio from Musk’s presentations. The images on the screen show a live discussion about Bitcoin with links or QR codes to the scam.
This technique relies on hijacked YouTube channels with a large user base. The technique renames compromised channels with hundreds of thousands of members to mimic Musk or Tesla accounts.
After the channel goes “live”, subscribers receive alerts, which trick them into participating in the scam. In the recent incident, YouTube confirmed that the hijacked channel was “Tesla” with the username “@elon.teslastream” and had over 10,000 subscribers.
The report stated that the online broadcast had peaked at 30,000 concurrent viewers. YouTube’s algorithm encourages streams based on views; therefore, many viewers may have been bots trying to manipulate the system and insert the video into multiple feeds.
Related article: Metallica X account hacked to promote Solana-based “METAL” by cryptocurrency scammers
ⓒ 2024 TECHTIMES.com All rights reserved. Do not reproduce without permission.