Binance CEO, Richard Teng, has warned users about a new scam called the "share-seed-phrase" scam. In this scam, fraudsters convince users that their wallets have been compromised and persuade them to transfer their funds to wallets controlled by the scammers. Victims end up losing their funds with no way to recover them. Teng advises users to be skeptical of any communication asking for sensitive information and to contact Binance's official customer support if they have doubts about an alert's authenticity.



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