Sisi, head of Binance 's Chinese community, revealed a bizarre scam on the X platform. A Binance user claimed to have been defrauded by "Binance executives" and demanded compensation from the platform. However, on-chain transaction records and backend IP information showed that the funds actually flowed to an address controlled by the user. This is a new type of "reverse fraud" targeting exchanges, where the perpetrator impersonates the victim to extort money from the exchange.
Chain tracking reveals "left-hand to right-hand" transactions.
Sisi stated that the on-chain analysis report showed that the user dispersed funds through multiple cross-chain bridges and then transferred them back to a hot wallet with the same identity verification information. The screenshots of conversations submitted by the user claimed that "high-level personnel privately requested personal information," but after comparing the information, it was found that the timestamps and chat room avatars did not match the ticketing system used by Binance.
After examining the original transaction data, no official address was found to be involved, and the claim that "I was scammed by a fake official" immediately fell apart.
Exchanges are taking a tougher stance
Faced with new "extortion" tactics, Binance is no longer just issuing risk warnings, but is directly taking legal action.
The platform had previously offered a $5 million reward for information leading to the arrest of individuals impersonating listing intermediaries, and this reward will now also apply to victims of such impersonation. He Yi previously stated in a press release:
We will pursue legal action against any attempts to mislead the public or maliciously extort the platform. Blockchain is transparent; all actions leave a trace.
The legal team added that forging evidence and defrauding others of property constitute criminal fraud and forgery, and those with serious circumstances may be transferred to the competent authorities.
