says that only 50 profiles of the 7,000 Binance employees who are on LinkedIn are genuine.

A Sunday tweet by Changpeng Zhao (also known as CZ) revealed that only 50 of the 7,000 people claiming to work at Binance’s largest cryptocurrency exchange, Linkedin, are actually real. A crypto executive complained about the absence of a real ID authentication system on Linkedin. he said.

“I wish LinkedIn had a feature that would allow the company to verify people. Many “hey, I’m responsible for listing” scammers in LinkedIn. Be careful.”

A LinkedIn scam involving crypto trading begins with an unwelcome request from a crypto exchange executive to project stakeholders about a possible token listing. Profiles are carefully designed to demonstrate years of industry experience and multiple connections (sometimes up to 500), to create an appearance of legitimacy.

Unsolicited listing offer by LinkedIn member claiming to come from Bithumb Source: Zhiyuan Son

Once a victim is found, the scammer sends an email or Telegram document containing details about the listing process and a required security deposit. The scammer seizes the funds and immediately disconnects all contact with the victim.

A fake Bitfinex listing document, which alleges to require a deposit of 250,000 USDT to commence the process.

Source: Zhiyuan Sun

Most legitimate exchanges don’t require any initial deposits or listing fees. A due diligence team examines the potential token for security compliance and overall utility and schedules a meeting to discuss further steps with the asset issuer. Developers can be harassed daily by fake listing proposals, depending on how large a project is.

A fake Binance.US listing proposal.

Source: Zhiyuan Sun

Opinion writer on 7trade7