Binance Exposes Social Engineering SMS Scam Following $91M Bitcoin Heist

Binance sounds alarm on sophisticated SMS-based attack that drained $91 million in Bitcoin from unsuspecting users.

How the scam works

Fraudsters impersonate Binance support—sending fake security alerts urging immediate action. Victims click malicious links, enter credentials, and watch their digital wealth vanish in seconds. No fancy tech required—just psychological manipulation at scale.

The aftermath

Binance's security team scrambles to contain fallout while warning users about verification-code requests. The exchange promises enhanced safeguards but can't reverse completed transactions. Another stark reminder that in crypto, you're your own chief security officer—whether you like it or not.

Finance's 'innovators' keep building digital fortresses while forgetting humans remain the weakest firewall. Maybe next bull run will include common sense as a featured asset.

Binance warns that scammers are targeting its users

ZachXBT did not reveal which exchange the attackers targeted. However, following the attack, Chinese crypto reporter Colin Wu reported that Binance issued a warning about the same type of scams to its users.

Binance: Scammers are sending fake SMS messages pretending to be from Binance. They want to trick you by saying your account is “at risk” and make you call fake support telephone numbers or click dangerous links. Binance will never reach out directly via SMS or phone calls. If… pic.twitter.com/IZtYb5c9Zk

According to Binance, attackers send unsolicited text messages to users, pretending to be from the exchange. Typically, these scams try to make it seem that the user’s account is at risk.

For instance, the messages will warn users that a new device from an unknown location has logged into their accounts. Similarly, the text messages also warn about supposed transfers.

In all cases, attackers prompt users to either call the “support” number or log into a fake website. From there, they are asked to share account information, enabling scammers to take over their wallets.

According to Hacken, social engineering scams led to $600 million in losses in the first half of 2025. This was about 19% of all losses across crypto platforms in the same period.