Binance
Binance has been named in 2 documented digital harm incidents. The most common harm domain is Fraud & Financial.
Documented Incidents
230-year-old government health officer loses ₹5.77 lakh in Binance Web3 crypto scam after phone call diversion during P2P transaction
A 30-year-old Government Health Officer from Hyderabad lost ₹5.77 lakh in a cryptocurrency scam involving 5,993 USDT. The scam occurred when the victim, an active trader on the Binance platform, was using the peer-to-peer (P2P) feature to transfer funds. During the transaction, she received a call from an unknown number, which is believed to be part of the scam. The fraudster exploited the Web3 feature on the Binance app to carry out the scam. The incident was reported on February 11, 2025.
69-year-old Russian-speaking senior loses $140,000 to SpireBit crypto pig butchering scam, leading to Massachusetts asset seizure and partial recovery
Aleksey Madan, a 69-year-old victim of a cryptocurrency scam, recently recovered $140,000 he had lost to a fraudulent company called SpireBit. Massachusetts authorities seized the funds as part of an investigation into SpireBit, which targeted Russian-speaking seniors with fake investment opportunities. The scam, known as "pig butchering," involved building trust with victims before stealing large sums of money. SpireBit used social media ads with a fake Elon Musk endorsement and provided false information about executives and a London address. Massachusetts officials, following an NPR investigation, obtained a court order to freeze SpireBit’s assets on Binance and recovered $269,000, which is being returned to victims. The FBI reported that crypto scammers stole over $5.6 billion from Americans in 2022.