Hackers Used Binance CCO’s Deepfakes to Scam Exchange Listings

A group of hackers were able to mimic Binance’s chief communications officer (CCO), Patrick Hillmann, in a series of video conversations with representatives from different cryptocurrency projects.

The attackers used what Hillman described as an AI hologram, which was actually a deepfake of his photo, to deceive select representatives of these projects into believing that Hillman was supporting them in being listed on the exchange. Hillman was the victim of this attack.

Scammers and hackers are becoming more sophisticated in their operations by integrating an increased number of technological tools into their schemes. Patrick Hillmann, who serves as the chief communications officer (CCO) for Binance, disclosed a fresh and ingenious method that was used by attackers to pull off a listing fake operation last week. The method involved the use of Hillmann’s photo as the bait.

According to Hillmann, hackers were able to generate an artificial intelligence (AI) hologram of him. This deepfake was utilized to mislead representatives of several cryptocurrency projects while they were participating in Zoom sessions.

The hologram successfully persuaded the audience that these projects were being evaluated for listing on Binance and that Hillmann was involved in this operation.

The real estate investment scheme was exposed when those individuals contacted Hillmann to express their gratitude for his assistance with the ostensibly possible listing opportunities. However, because he is not involved in the process of listing cryptocurrencies on Binance, he was ignorant of these discussions.

Hillmann did not provide any specifics on the Bitcoin projects that were targeted or the amount of money that was invested in the bogus listing services.

The Chief Compliance Officer for Binance issued a warning about this form of impersonation fraud on a number of social media sites located all over the internet. The following is what Hillmann stated:

“Aside from the recent attack, there has been a considerable rise in the number of hackers impersonating members of the Binance staff and executive team on other sites, including Twitter, LinkedIn, Telegram, and others. We are prepared to safeguard not just our users but also our whole ecosystem.”

According to Hillmann, there is no involvement of third parties in Binance’s listing process, and the only way for project listing proposals to be accepted is through a website that accepts direct listing applications. According to a blog post that was written around a year ago, Binance does not charge a standard listing fee for these kinds of projects.

The following is what Binance considers the listing fee to be worth: “There is not a single unbreakable rule. Simply provide an amount that you feel is appropriate for the situation. Show that you are willing to be a beneficial social impact by doing this.”

In addition, a portion of the fees charged by the exchange is donated to Binance Charitable, a charitable organization that is monitored using blockchain technology and is funded by the exchange. It would appear that listing frauds are becoming more commonplace since the cryptocurrency investing platform Bluebenx in Brazil was recently targeted by one of these schemes.