Meme Coin Scams on Social Media
Binance founder Changpeng Zhao warned on October 20, 2025, about rising meme coin scams targeting weakly secured social media accounts for fraud via fake contract addresses.
The alert underscores ongoing security risks in the crypto sector, potentially discouraging meme coin investments as users prioritize securing their holdings against fraudulent activities.
Binance founder Changpeng Zhao cautioned users about the uptick in scams related to Meme coins. Social media accounts with weak security are increasingly being targeted for hacking to spread fake contract addresses.
This warning comes amid growing popularity of Meme tokens and the associated security threats.
Reactions from the community have echoed these concerns. Industry leaders and peers have reinforced the importance of checking the authenticity of social media posts and employing additional security measures. Binance has reiterated their commitment to user safety in the face of these dangers.
Social Media Exploits: A Recurring Threat in Crypto
Did you know? Scams leveraging social media have been a recurring issue, especially notable during the DeFi summer when fake contracts plagued various platforms, leading to significant user losses.
Coincu research indicates a need for improved social media security practices. The continuous trend of social engineering threats in the digital asset world suggests that regulatory enhancements and technological advancements in platform security could play a crucial role in mitigating these risks.
Key Statistics and Market Data
Ethereum (ETH) is currently priced at $3,989.12 with a market cap of 481,480,808,194 and a 12.85% market dominance. Over the past 24 hours, its price fell by 0.86%, according to CoinMarketCap, with significant trading volume valuing at 41,175,507,525.