Scams on LinkedIn Profiles involving cryptocurrency can begin with unsolicited token listing proposals from persons posing as representatives of reliable crypto exchanges.
Binance CEO Changpeng Zhao, widely known as CZ, said on Sunday that just roughly 50 out of 7,000 people claiming to work for the biggest cryptocurrency exchange in the world are genuine. On Linkedin, the crypto executive bemoaned the absence of a real-ID authentication method, saying:
“I wished LinkedIn had a feature to let the company verify people. So, many “hey, I am responsible for listing” scammers on LinkedIn. Be careful.”
The LinkedIn cryptocurrency scam often starts with an unsolicited inquiry to project stakeholders about a prospective token listing from a purported executive at a crypto exchange. To create the appearance of seeming validity, profiles are skillfully designed to display years of expertise in the field along with many connections, sometimes numbering more than 500.
Following the discovery of a victim, the con artist will send a document through email or Telegram that contains information about the listing procedure and the first security payment needed for the “service.” But as soon as the victim sends the desired digital assets to the deposit location, the con artist cuts off communication and steals the money.
Genuine exchanges often do not demand startup deposits or listing fees. Instead, a team doing due diligence examines a possible token for security, compliance, legality, and overall project value before scheduling a meeting with the asset issuer to go through the next course of action. Developers may see so-called false listing offers on a regular basis, depending on the size of a project.