Crypto

Binance releases user safety guidelines to prevent simulated token scams

Binance said on Feb. 9 it released guidelines to protect users from a surge in simulated token scams. The exchange described how scammers create fake tokens that closely copy names, symbols and logos, then distribute them or expose them on decentralised exchanges to induce purchases or swaps. Binance said visual token information can be forged and urged users to verify token contract addresses using network-specific explorers and other tools.

Finance

Lee Chan-jin says Bithumb incident exposes structural flaws; mistakenly paid coins must be returned

Financial Supervisory Service Governor Lee Chan-jin called Bithumb’s mistaken large-scale bitcoin payout a case that laid bare structural problems in crypto exchanges’ information systems. He said it would be difficult to bring exchanges into the regulated system unless the issue is addressed and said it should be regulated under the Digital Asset Basic Act. Lee also stressed that wrongly paid bitcoin must be returned, with in-kind return as the principle.