New fraud attempt. How does the scam work?

It all starts with a phone call. On the other end of the line, a calm, professional voice claims to be from customer support. It tells you that you need to make urgent “security updates” and guides you to change your API (application programming interface) settings.

What seems like a routine check quickly becomes a dangerous step. By making these changes, victims unknowingly give access to attackers who can quickly empty their accounts by transferring cryptocurrencies directly to their wallets.

This is a new form of phone scam that is affecting users in the cryptocurrency world in 2025. Scammers take advantage of users’ trust and trick them into giving them access to their accounts.

Technically, how does it work?

At the heart of the scam is the API, a powerful tool used for automated trading and account management. By manipulating users to extend API permissions, such as enabling the withdrawal function, the attackers gain almost total control.

Because the changes appear to come from the user’s device, they bypass the initial security checks. Everything seems normal, but the account is already compromised.

How can you protect yourself?

You have several options to prevent this scam: enable two-factor authentication (2FA), secure your API settings, monitor account activity, report suspicious calls, or be better informed about scams.

And if you’ve modified your API after a suspicious call, change your password, disconnect your device from the internet, and contact Binance support immediately to revoke all API keys.

Binance Becomes a Founding Member of the Beacon Network

To further its anti-fraud efforts, Binance is becoming a founding member of the Beacon Network, an initiative developed by blockchain analytics firm TRM Labs and supported by major players in the crypto industry.

This network is an important step in the evolution of collaboration that has already made cryptocurrencies safer: information sharing, joint investigations, and public-private task forces.

Beacon responds in real time

For years, fighting crypto crime has been a challenge of time and coordination. Investigators would only discover illicit funds after they were withdrawn, with little chance of recovery.

While this system has worked in many cases, with billions in illicit funds being blocked and returned to victims, there have always been loopholes. In a digital environment, criminals can move stolen assets through thousands of transactions in a matter of minutes. To intervene before the money disappears, a faster and more connected infrastructure is needed.

The Beacon Network, developed by TRM Labs, is the first real-time response system to crypto crime. It connects trading platforms, stablecoin issuers, and authorities in a live information network.

Noah Perlman, Binance’s Chief Compliance Officer, says, “Blockchain has proven to be one of the most powerful tools for combating financial crime. The Beacon Network facilitates collaboration between the public and private sectors to reduce crime on the blockchain.”

Why does it matter?

The crypto industry has made huge strides in reducing crime. Today, illegal activity accounts for less than 1% of crypto transactions, according to several independent reports. However, the threat remains real. Hacks, scams, and fraud steal billions globally every year.

Even as crime rates decline, the scale and sophistication of attacks require greater collaboration. This year’s Bybit hack showed how quickly stolen funds can spread: over 10,000 transactions in the first month. The Beacon Network gives platforms and authorities the tools to react in real time, before the funds disappear.

How does it work?

The Beacon Network covers a wide range of major financial crimes: freezing funds linked to North Korean hackers, ransomware payments, terrorist financing, or recovering stolen assets from scam victims. The strength is speed: marked funds are tracked automatically, alerts are sent instantly, and platforms can intervene immediately.

The network is open: trading platforms, authorities, stablecoin issuers, DeFi platforms, and any security expert can participate. And verified partners have free access, which encourages widespread adoption.

Binance is not alone. Other founding members include Coinbase, PayPal, Kraken, Ripple, Crypto.com, OKX, Bitfinex, and others.

The reason: Trust and security are the basis for cryptocurrency adoption. Users, authorities, and institutions will only use crypto if they feel safe. Projects like the Beacon Network show the industry’s commitment to building that trust.

Fake calls remind us of an important truth: vigilance is the strongest shield. By using only official channels, avoiding API changes at the request of others, and adding protections like passkey and 2FA, you can block attackers.

In addition, now, the efforts made by Binance and other industry players through the Beacon Network are important steps towards transforming cryptocurrency into the most secure financial system in the world. With the transparency and speed of blockchain and connecting public and private actors in real time, the initiative makes the industry’s security more proactive and efficient.

New fraud attempt. How does the scam work?

It all starts with a phone call. On the other end of the line, a calm, professional voice claims to be from customer support. It tells you that you need to make urgent “security updates” and guides you to change your API (application programming interface) settings.

What seems like a routine check quickly becomes a dangerous step. By making these changes, victims unknowingly give access to attackers who can quickly empty their accounts by transferring cryptocurrencies directly to their wallets.

This is a new form of phone scam that is affecting users in the cryptocurrency world in 2025. Scammers take advantage of users’ trust and trick them into giving them access to their accounts.

Technically, how does it work?

At the heart of the scam is the API, a powerful tool used for automated trading and account management. By manipulating users to extend API permissions, such as enabling the withdrawal function, the attackers gain almost total control.

Because the changes appear to come from the user’s device, they bypass the initial security checks. Everything seems normal, but the account is already compromised.

How can you protect yourself?

You have several options to prevent this scam: enable two-factor authentication (2FA), secure your API settings, monitor account activity, report suspicious calls, or be better informed about scams.

And if you’ve modified your API after a suspicious call, change your password, disconnect your device from the internet, and contact Binance support immediately to revoke all API keys.

Binance Becomes a Founding Member of the Beacon Network

To further its anti-fraud efforts, Binance is becoming a founding member of the Beacon Network, an initiative developed by blockchain analytics firm TRM Labs and supported by major players in the crypto industry.

This network is an important step in the evolution of collaboration that has already made cryptocurrencies safer: information sharing, joint investigations, and public-private task forces.

Beacon responds in real time

For years, fighting crypto crime has been a challenge of time and coordination. Investigators would only discover illicit funds after they were withdrawn, with little chance of recovery.

While this system has worked in many cases, with billions in illicit funds being blocked and returned to victims, there have always been loopholes. In a digital environment, criminals can move stolen assets through thousands of transactions in a matter of minutes. To intervene before the money disappears, a faster and more connected infrastructure is needed.

The Beacon Network, developed by TRM Labs, is the first real-time response system to crypto crime. It connects trading platforms, stablecoin issuers, and authorities in a live information network.

Noah Perlman, Binance’s Chief Compliance Officer, says, “Blockchain has proven to be one of the most powerful tools for combating financial crime. The Beacon Network facilitates collaboration between the public and private sectors to reduce crime on the blockchain.”

Why does it matter?

The crypto industry has made huge strides in reducing crime. Today, illegal activity accounts for less than 1% of crypto transactions, according to several independent reports. However, the threat remains real. Hacks, scams, and fraud steal billions globally every year.

Even as crime rates decline, the scale and sophistication of attacks require greater collaboration. This year’s Bybit hack showed how quickly stolen funds can spread: over 10,000 transactions in the first month. The Beacon Network gives platforms and authorities the tools to react in real time, before the funds disappear.

How does it work?

The Beacon Network covers a wide range of major financial crimes: freezing funds linked to North Korean hackers, ransomware payments, terrorist financing, or recovering stolen assets from scam victims. The strength is speed: marked funds are tracked automatically, alerts are sent instantly, and platforms can intervene immediately.

The network is open: trading platforms, authorities, stablecoin issuers, DeFi platforms, and any security expert can participate. And verified partners have free access, which encourages widespread adoption.

Binance is not alone. Other founding members include Coinbase, PayPal, Kraken, Ripple, Crypto.com, OKX, Bitfinex, and others.

The reason: Trust and security are the basis for cryptocurrency adoption. Users, authorities, and institutions will only use crypto if they feel safe. Projects like the Beacon Network show the industry’s commitment to building that trust.

Fake calls remind us of an important truth: vigilance is the strongest shield. By using only official channels, avoiding API changes at the request of others, and adding protections like passkey and 2FA, you can block attackers.

In addition, now, the efforts made by Binance and other industry players through the Beacon Network are important steps towards transforming cryptocurrency into the most secure financial system in the world. With the transparency and speed of blockchain and connecting public and private actors in real time, the initiative makes the industry’s security more proactive and efficient.