Binance CEO Richard Teng Shares Success Strategies and Scam Warning

Binance Chief Executive Officer Richard Teng has published a tweet addressing the Binance community with an important statement.

Teng’s Success Strategy for Crypto Community

Teng revealed another recommendation for success—a strategy beneficial not only for Binance but other platforms too. His tweet included an image depicting a scheme for building a successful crypto product, consisting of two elements: progress and focus, forming a staircase to success.

> “Stay committed to the journey, and the results will follow,” Richard Teng tweeted with that image.

> — Richard Teng (@_RichardTeng) February 18, 2025

About a week ago, Teng also tweeted about the factors essential for success in team-building for a crypto product, emphasizing four key elements: creativity, vision, mission, and goals—all crucial to achieving success.

Teng Warns Against New Type of Scam

Earlier today, Teng raised an alarm on the X platform regarding a new type of cryptocurrency fraud known as a “sheer-seed-phrase” scam, which is reportedly on the rise. This scam manipulates users into transferring their crypto holdings to wallets controlled by scammers.

Scammers falsely inform users that their wallets are compromised and offer to save their funds by transferring them to “safe” wallets under their control. To convince the victims, they provide the seed phrase for the “secure wallet.”

> Have a read ⤵️https://t.co/9Va5fgIfaV
> — Richard Teng (@_RichardTeng) February 18, 2025

This scam typically begins with a call or text warning the user of a compromised wallet. The user then receives a seed phrase for this so-called secure wallet and, in a panic, transfers their crypto, ultimately losing it to scammers. Teng reminded the community that Binance will never request users to transfer funds under the guise of “security purposes.” Additionally, he shared a list of five “dos” and five “don’ts” to help the community avoid falling victim to scams.