Security report from Binance platform looks into fraudulent activity within the industry

• Binance has just released a report that discusses how scams targeting crypto investors are attempting to gain credibility. 
• The platform explained that its Binance Sentry risk investigation service observed reports of fraudulent schemes that promised returns on their investment. 

Binance, the massive crypto platform has just released a report that discusses how scams targeting crypto investors are attempting to gain credibility. The report was published earlier this week on the 30th of June where the platform explained that its Binance Sentry risk investigation service observed reports of fraudulent investment schemes that promised exponential returns on their investment. 

For those that don’t know, Binance Sentry is an internal risk intelligence unit structured within Binance’s security teams. The team uses professionals in both blockchain and open-source analysis in order to get a better understanding of the crypto threat landscape that we as a community face together.

In the report, Binance says the following:

As one of the largest cryptocurrency exchanges in the world, we at Binance naturally feel it is our duty to contribute to the overall safety of the greater crypto space. Unfortunately, there exists a vast number of malicious actors that share a very different mindset.

Scammers and hackers are rife throughout the industry. Many fraudulent entities will create fake consumer organisations that rob victims of even more of their money after they become suspicious that the organisation could be a scam and attempt to report it.

Binance further states:

Binance Sentry continues to work hard to better understand this complex threat landscape, examining and analyzing these networks day-in and day-out to improve the safety of our users as well as that of the crypto ecosystem.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!