As memecoin trading continues to heat up, Binance founder Changpeng Zhao (CZ) has issued a new warning about a growing wave of social media account hacks aimed at scamming crypto users.
Posting on X (formerly Twitter), Zhao said that attackers are increasingly hijacking both personal and project-related accounts to post fraudulent smart contract links, hoping to exploit the current meme-driven hype.
The tactic often involves impersonating reputable figures or using compromised verified profiles to push fake tokens and contract addresses.
According to Zhao, the root of the problem lies in weak security practices on many social platforms. Once hackers gain access, they use these accounts to promote malicious schemes that appear legitimate at first glance.
He reminded followers that official Binance channels and executives do not endorse any specific memecoins and urged users to double-check all sources before engaging with any token.
The memecoin boom – fueled by speculative trading and viral marketing – has created fertile ground for fraudsters. Cybersecurity experts say that social engineering attacks have surged alongside meme-themed token launches, with scammers taking advantage of retail investors chasing quick gains.
Analysts advise traders to rely solely on verified project accounts and cross-check any contract address through multiple trusted sources before interacting with it. As excitement builds around new meme tokens, industry leaders like Zhao continue to call for vigilance to protect users from falling victim to increasingly sophisticated online scams.
