Binance CEO has highlighted three safety rules to help crypto users navigate the Web3 ecosystem safely, including prompt information verification.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
With the evolution of the Web3 ecosystem, Binance CEO Richard Teng believes it is crucial for users to exercise caution. To this end, he took to X to share three tips that could serve as a safety net for crypto enthusiasts and their investments.
The Web3 space offers exciting and unprecedented opportunities for decentralized innovation. However, it also comes with risks, which the Binance CEO believes users can navigate safely by following three key pieces of advice.
Navigating Web3 safely is key.
When interacting with dApps:
· Always verify before trusting
· DApps are third-party, not by Binance Wallet
· Ensure you're on the official project's dApp siteKnow more ⤵️https://t.co/Cb3kipdQZX
— Richard Teng (@_RichardTeng) June 27, 2025
Scammers and hackers have devised several sophisticated tactics targeting Web3 wallets and their owners. In 2024 alone, up to $3.6 billion was reported stolen through crypto scams and cyber threats. This alarming trend underscores the importance of the timely guidance shared by the Binance CEO.
Firstly, he emphasized the importance of crypto users to “always verify before trusting.” While this advice may seem simple, it plays a crucial role in helping users stay in control of their data and assets. Users are encouraged to take the time to double-check the authenticity of decentralized applications (dApps) before engaging with them.
Unfortunately, the digital asset sphere has become contaminated with phishing sites and fake decentralized applications (dApps) that mimic official platforms. Such sites often exploit the sense of urgency to deceive unsuspecting investors. Regardless of the case, Teng emphasizes cross-referencing the site with the project’s official documentation or social media channels.
The Binance CEO also reminded his X followers that dApps are third-party creations and not developed or endorsed by Binance Wallet. Understanding this distinction helps users take greater responsibility for their actions and the potential outcomes.
Recognizing dApps as external platforms encourages the same level of caution users would apply to third-party traditional finance services.
There have been many scammers who tried to impersonate services affiliated with the company. A while ago, the top crypto exchange had to issue warnings to its users about the growing threat of SMS phishing attacks.
Teng’s final advice for crypto users is to stick to official dApp sites. By interacting only with the official project’s dApp site and not counterfeit phishing sites, users reduce the risk of exposing their passkeys or confidential information. This helps keep their assets secure.
Meanwhile, several blockchain security firms have identified scams that crypto users need to be cautious of. Recently, Kaspersky highlighted a new malware called SparkKitty, which is actively targeting users. The security company suspects this malware may be connected to SparkCat, a known malicious program.
This malware spreads on infected iOS and Android devices by hiding within certain apps available on the Apple App Store and Google Play Store. Once installed, it begins stealing photos in search of crypto wallet seed phrases and other sensitive information.
Similarly, Trezor Wallet reported incidents where cybercriminals attempted to impersonate company representatives in order to steal sensitive user data.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
