Don’t Lose Your Money to This New Binance Coin (BNB) Memo Scam

News / 20.10.2020

For one thing, the cryptocurrency industry is filled with fraudsters looking to take advantage of crypto users’ ignorance and mistakes. To stay at the top of their game, these bad actors are always looking for new ways to exploit unsuspecting victims. 

More recently, a tweet revealed that scammers are transferring little amounts of free cryptocurrencies to their targets but with evil intent as always. 

According to Crypto India, a cryptocurrency channel that focuses on the Indian crypto ecosystem, fraudsters have been sending dust amounts of BNB to people while adding MEMO to the recipients have won 30 to 50 BNB. 

Each transfer only carried between 0.00001900 to 0.00002967 BNB, which is worth nothing in USD. The primary goal of the transaction is to get the attention of the recipient.

binance coin memo scam

Courtesy of CryptoIndia via Twitter.

A quick look at the Binance chain revealed that one of the act’s addresses had sent dust BNB to more than ten addresses.

The sender also included a URL in the transaction MEMO to redirect the receiver to the supposed website (claimbonus.tech) to claim the 30 BNB. Once the recipient shows interest and clicks on the link, they would find themselves on a platform that describes itself as the “most trusted & secured crypto wallet.” 

What Happens When You Click?

The website claims it allows users to buy Bitcoin and other cryptocurrencies instantly using bank cards without verification. 

“Giveaway is now officially launched !! We’re giving away 20 upto 50 BNB For you. Click on the button below to claim your prize,” part of the website reads. 

Users who click on the claim button are asked to import their crypto wallet using the recovery phrase or private keys. Doing this means giving the scammers access to your crypto assets even though the website claims that “private keys never leave your device.”

Courtesy of CryptoIndia via Twitter

Mandy Williams joined the crypto space in 2016, and since then she has been learning and writing about cryptocurrencies and blockchain technology.