In the context of widespread cryptocurrency scams on X, Binance co-founder Yi He believes that Elon Musk’s social media platform has not really made any efforts to prevent the situation.

According to operator Binance, one particular impersonation scam instructed users to click on a link that supposedly granted access to memecoins supported by Binance. Yi He was quick to point out that it was all a scam and users should not click on those links to avoid losing money.

“I have not released any new Memecoins. Clicking on the link will only cost you money. Many people have been tricked by this hacker link and lost a large amount of money today. Is there any way to solve this problem?”

He’s concerns were raised regarding a purported impersonation scam on platform X. She posted images showing accounts blatantly imitating both X’s name (@heyibinance) and her own.

Crypto scams on X have skyrocketed to the point where, according to analysts, scammers on the platform are responsible for a large portion of all scams in the cryptocurrency space death.

Anti-fraud company web3 Scam Sniffer reports that nearly $50 million is lost each month due to account impersonation on X as the main cause of this problem.

These problems existed long before Elon Musk took control of Twitter and changed its name to X. However, confusion still exists about his new boss’s controversial paid verification service, where it is clear that anyone with a smartphone can register and receive verification. This may be a contributing factor to the public continuing to fall into the trap of fraudulent impersonation on platform X.

A review of Musk’s statements surrounding the Twitter takeover shows that he has repeatedly said that he intends to tackle the “bot” and “spam” problems, but it is unclear whether his intentions include include cryptocurrency scams or not.

As of the time of writing, billionaire Elon Musk does not seem to have responded to Yi He’s post on X.