Crypto Investors Beware: Binance Founder Warns X Users About Fake ‘CZ’ Accounts

Binance co-founder Changpeng Zhao recently warned the crypto community about a wave of fake social media accounts targeting investors. The former CEO, also known as ‘CZ,’ called out X’s team, urging them to be more efficient with fake accounts.

Binance Co-Founders Warn The Community

On Monday, Binance’s Changpeng Zhao took X to warn his nearly nine million followers about fake social media accounts targeting crypto investors. CZ shared a post from a community member exposing the issue.

Per the original post, some accounts impersonated Binance’s former CEO and Yi He, co-founder and Chief Customer Service Officer at the crypto exchange. The profiles claimed to be Yi He and Zhao’s “Chinese accounts,” specifically made for investors in China.

The impersonators used profiles created between May 2018 and May 2021 and displayed X’s blue verified mark to trick investors, gathering around 60,000 followers before being taken down.

Yi He acknowledged the post, clarifying she only has one X account. Meanwhile, CZ urged investors to be wary of these accounts and others alike, urging them to report any profile impersonating him:

Beware of fake “cz” accounts out there. I am only using this (@cz_binance) X account. All other accounts with “cz_…” are fake, imposters, or scammers. Please report them as you see them.

The former Binance CEO noted the ongoing use of verified accounts to potentially trick unsuspecting users by impersonating key figures in most industries. Zhao called out X’s team, “I hope X do a better job on cleaning these fake accounts,” he wrote.

Moreover, another X user warned of several fake Facebook profiles pretending to be the crypto exchange’s co-founder.

CZ To ‘Chill’ A Little Bit Longer

CZ served a four-month sentence after pleading guilty to violating US money laundering laws while in charge of Binance. Many users awaited Zhao’s return to the social media platform, with many jokingly suggesting that his return would skyrocket the market prices.

However, CZ has not been very active on social media since his release on September 27. In his first statement after his release, Binance’s co-founder asked the community to let him “chill for a bit,” which he acknowledged again today.

In a reply, an X user asked him to regularly post again, as “bad actors are getting out of control.” Zhao announced that he would but is enjoying his “quiet time” for now.

Today’s warning is the second alert issued by CZ since being released from prison. As reported by Bitcoinist, Binance’s co-founder alerted investors about deepfake videos of him circulating online. These videos, created with artificial intelligence (AI), “showed” the former CEO “promoting” cryptocurrencies on various social media platforms, including YouTube.

Deepfake videos have become popular among scammers targeting the industry, with the likeness of figures like MicroStrategy’s Michael Saylor, Elon Musk, Donald Trump, and Solana’s Anatoly Yakovenko used to promote fraudulent tokens.

It is recommended that investors stay vigilant about suspicious posts and offers from legitimate-looking profiles, implement strong security measures, and don’t share their personal information online.