After the Binance Hack: How Scammers Use Fake Compensation and Fake Support
Days after the 6.3-billion-dollar hack at Binance, scammers are trying to profit from the uncertainty. They offer fake compensation, pose as support staff or promise faster withdrawals. Binance and the security company Bitdefender have warned of several campaigns. The rule is simple: anyone who contacts you first and asks for money, codes or your seed phrase is a scammer.
The five most common scams
- Fake compensation: Altered screenshots on social media claim that Binance is paying customers 150 US dollars for the withdrawal freeze. Binance says the images are fake. In another email campaign, a supposed "SAFU Reconciliation Desk" asks for a "verification fee" of 0.0042 BTC, around 327 dollars, before a refund can be paid. The refund never comes.
- Fake support: Messages by email, SMS, Telegram, WhatsApp or phone claim that your account was "affected by the breach" and must be verified or unlocked. The aim is to get your password, two-factor codes or remote access to your device.
- Fake login pages under time pressure: Messages such as "withdraw within two hours or your balance will be frozen again" lead to copies of the Binance login page.
- Fake Trust Wallet verification: Emails claim that Trust Wallet users are also affected and must verify their wallet by 7 November or it will be suspended. The link leads to a phishing page that asks for the recovery phrase.
- "Recovery experts": Self-proclaimed specialists offer to trace and recover lost funds – for an upfront fee. Binance has said it will cover user losses itself.
What Binance says officially
Binance has stated that it never contacts users first about accounts or funds, does not sell places in the withdrawal queue and does not charge fees to unlock assets. "Anyone promising to expedite it for a fee is scamming you," the exchange wrote. Withdrawals are being reopened in phases, and Binance says it will absorb the losses from the stolen funds, not its users.
How to recognise a scam
- The contact comes from them, not from you.
- There is a deadline or a threat of account suspension.
- You are asked to pay a fee to receive money.
- You are asked to log in via a link, sign a transaction or install software.
- The amount sounds precise and official, such as "0.0042 BTC" or "150 dollars".
What you should never do
- Never share your seed phrase, private key, password or two-factor codes – not even with "support".
- Never send crypto to receive a refund or compensation.
- Never sign wallet requests from links you received in a message: a so-called drainer can empty your wallet with a single signature.
- Never give anyone remote access to your computer or phone.
What to do instead
Open the exchange only through its official app or by typing the address yourself, and check announcements there. Use two-factor authentication with an app or security key instead of SMS. If you have already entered data or signed something, change your passwords immediately, revoke wallet permissions and, if your seed phrase was exposed, move your funds to a new wallet. Our guide to recognising and avoiding phishing explains the warning signs in more detail. The best protection remains the same: keep larger amounts in your own wallet, not on an exchange.
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