The cryptocurrency world is struck with what is being dubbed as the “crypto LinkedIn problem.” Users are reporting excessive spam on LinkedIn, whereas, another way of scamming is fake credentials.
One of the biggest global cryptocurrency exchange Binance is facing a weird issue; the exchange has six-hundred and forty-to employees, however; on the leading professional networking platform LinkedIn, there are sixteen hundred Binance employees, which even includes a fake executive director, who has been working for the exchange even before its launch.
This fake listing got the goat of Changpeng Zhao, CEO of Binance. The annoyance of the CEO was visible from his tweet. He mentioned that the actual number of Binance employees who had a LinkedIn profile was merely thirty.
The motive behind the Crypto LinkedIn problem
The motive behind such fake profiles on LinkedIn includes phishing scams, building lists of emails, generation of recruitment agencies lead, and much more. While in the case of Binance, these fake profiles are for tarnishing the brand by asking for the listing requests from tokens for the IEO platform.
Scammers impersonating Binance team on LinkedIn: 1,500+
Binance actual team size: 600
Binance teams that actually have a profile on LinkedIn: 30
— CZ Binance 🔶🔶🔶 (@cz_binance) October 12, 2019
LinkedIn in this regard stated that the professional networking site employees several techniques that are automated, along with the human reviewers and there are the member who reports ensuring the safety of its users from bad actors and any sort of abuse, however; it is virtually impossible to halt identity fraud on the site.
A researcher, Larry Cemark from The Block, attempted to compile a relatively more accurate list of all the employee accounts of the crypto firms.