Tech
Binance Offers Rewards for Reporting Suspicious Activity to Increase Platform Security: Tech: Tech Times
From Quincy JonTech Times June 27, 2024 10:54 pm EDT
Binance plans to improve the security of the platform after an internal review revealed the exploitation of features and services on the platform.
Cryptocurrency exchange discovered abuse has led to unfair benefitsincluding increased charging rates and API limitations, which require greater protections, according to Gadgets360.
After repeated legal objections from governments around the world, Binance has reassessed its ease of use and sought changes. A blog post states that criminal actors have targeted sub-accounts, managed sub-wallets, and fund manager accounts to evade collateral.
In this photo illustration, the Binance app is seen on a phone on November 9, 2022 in Atlanta, Georgia.
(Photo: Michael M. Santiago/Getty Images)
Binance noted that it employs innovative technology to monitor account activity to prevent abuse. It assured that it will investigate “all potential or suspected abuse incidents” and take necessary action, such as suspending and terminating violating accounts.
To encourage platform security, Binance rewards users who report suspicious activity. He emphasized that the reports will significantly contribute to improving the platform.
Under global regulatory scrutiny, Binance has launched this initiative. The cryptocurrency exchange platform surpassed 170 million users in December 2023. India fined Binance $2.25 million for violating the Prevention of Money Laundering Act of 2002. It has also faced regulatory issues in the United States and Nigeria due to potential violations of cryptocurrency regulation.
Hong Kong pushes cryptocurrency regulation
Meanwhile, Hong Kong plans to lead efforts to regulate cryptocurrencies alongside other Asian governments. TechTimes previously reported that the HKSAR Legislative Council has formed a cryptocurrency law group.
Johnny NG Kit-Chong, member of the HKSAR Legislative Council, announced the subcommittee focusing on cryptocurrencies on social media. He said the panel will discuss Web3 and virtual asset regulations.
Despite the financial risks, the global cryptocurrency market is valued at $2.26 trillion.
Additionally, the panel will support Web3 and AI in regulation. To increase market confidence, the virtual assets subcommittee protects investors and consumers. Other priorities include investigating the applications and risks of stablecoins in Hong Kong and regulatory measures to ensure financial stability without limiting innovation.
Last month, Hong Kong’s SFC announced that it would inspect cryptocurrency exchanges for AMLO compliance. Following the United States, Hong Kong authorized Bitcoin and Ether ETFs in April to attract institutional investors.
Cryptocurrency Scammers’ Fake Elon Musk Livestream Reportedly Draws 30,000 Viewers
Experts have detected a fake YouTube clip of Elon Musk at a Tesla event that served as a cover for a cryptocurrency fraud.
According to a report by Mashable, scammers are broadcasting Musk’s speeches as a live feed on YouTube. The video is often real but in a loop, with a AI-Generated Voice Imitating Musk or generic audio from Musk’s presentations. The images on the screen show a live discussion about Bitcoin with links or QR codes to the scam.
This technique relies on hijacked YouTube channels with a large user base. The technique renames hacked channels with hundreds of thousands of members to mimic Musk or Tesla accounts.
After the channel goes “live”, subscribers receive alerts, which trick them into participating in the scam. In the recent incident, YouTube confirmed that the hijacked channel was “Tesla” with the username “@elon.teslastream” and had over 10,000 subscribers.
The report said the online broadcast peaked at 30,000 concurrent viewers. YouTube’s algorithm encourages view-based streaming, so many viewers may have been bots trying to game the system and insert the video into multiple feeds.
Related article: Metallica X Account Hacked to Promote Solana-Based ‘METAL’ by Cryptocurrency Scammers
ⓒ 2024 TECHTIMES.com All rights reserved. Do not reproduce without permission.