Fake Binance giveaway: Scammers launch Ethereum 2.0 giveaway

  • Crypto scammers are using Binance exchange as bait to dupe unsuspecting investors. 
  • The Fake Binance giveaway flaunts 10,000 ETH in celebration of Ethereum 2.0.

There has been an increase in fake giveaways in the digital currency industry since this year. Despite efforts by crypto experts and companies to educate investors, these scammers keep restructuring their bait with trending events on the space to defraud unsuspecting people. Today, a double-your-crypto Binance giveaway scam has been spotted, leveraging the Ethereum 2.0 recent deposit contract announcement as bait.

Fake Binance giveaway for Ethereum 2.0 Pre-release

To begin with, the giveaway scheme was flaunted using a domain name (“https://ethlaunches.com/”), which is completely different from the official Binance web address. The scammers did well in replicating Binance’s notification section, however, the message on the webpage contained few grammatical errors, and most of the clickable options were non-functional and redirected to fake Binance giveaway homepage.

As the message reads, the scammers claimed they were giving away 10,000 ETH, which is worth $4,310,000 following the current price of Ether (ETH) at $431 on Coinmarketcap. The fake Binance giveaway was planned in celebration of Ethereum 2.0 pre-release. However, the interested participants were asked to deposit a minimum of 2 ETH ($862) or 50 ETH ($21,550) at maximum to a certain ETH address, which will be refunded in double fold.

Double-your-coin scams

This strategy signals nothing but a fake Binance giveaway. It’s questionable how the leading crypto exchange would ask users to first deposit the cryptocurrencies to participate in a giveaway that will return double their deposits.

As the cryptocurrency industry keeps flourishing, it continues to attract so many fake giveaways and investment platforms. Crypto users only need to be informed and also exercise caution when dealing with certain crypto platforms, especially new projects. 

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Ibiam Wayas

Written by Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.