A new wave of phone impersonation scams is targeting cryptocurrency users, particularly those on Binance, by tricking them into altering Application Programming Interface (API) settings. Scammers pose as customer support agents, convincing victims to adjust settings that allow funds to be drained from their accounts.

• Individual losses from these scams have ranged from hundreds to several thousand USDT in crypto.
• The primary organization involved is Binance, whose risk experts are tracking the threat and providing user defense strategies.
• Binance emphasizes that it never initiates security adjustments via unsolicited phone calls, urging users to verify all communications through official channels and enable Two-Factor Authentication (2FA) and Passkey for enhanced security.