Binance Co-Founder CZ Clarifies That He Does Not Use Telegram & Warns That “All those accounts are fake”

Changpeng Zhao (CZ), co-founder of Binance, clarified that he does not have a Telegram account and cautioned his followers that “all those accounts are fake.” 

In a post on X, Zhao specified that he has nothing against Telegram as a platform, but that he stopped using it personally once his handle was made public and he began receiving an overwhelming amount of spam. 

In Zhao’s words, the volume of spam and unsolicited messages was “slowing down his device,” making it impossible and impractical to remain active on the app. He also mentioned that he had spoken to Telegram founder Pavel Durov previously about the spam he was receiving.

Previous Warnings About Impersonation

This is not the first occasion Zhao has needed to inform the public about fake accounts. 

Last year, after he pleaded guilty to U.S. anti-money laundering violations, Zhao urged X to bolster efforts to remove impersonators. 

Zhao warned his followers at the time to report fraudulent accounts and voiced his frustration regarding the ineffective efforts against scammers. 

Further, his alert echoed wider crypto community concerns, particularly after the FBI issued an alert in August 2023 targeting criminals impersonating legitimate crypto exchanges over phone calls and direct messages to steal funds.

Also Read: Telegram Influencer Scam Alert: ScamSniffer Warns Of New Malware Scam Targeting Crypto Users

Rise of Telegram Crypto Scams

Zhao’s caution arrives amidst a newly highlighted spike in scams through Telegram. In January 2025, Telegram was reported to have crypto scams that increased by over 2000%, more than traditional phishing hacks in volume and sophistication, according to UnoCrypto. 

Cybercriminals have been using sophisticated malware, fake trading bot schemes, and social engineering to compromise accounts and digital wallets. 

This exponential rise accentuates the dangers of the messaging application, especially for folks in the crypto space, in which impersonation and scams abound.

Also Read: Hong Kong Veteran Crypto Investor Loses $509K In Sophisticated Telegram Scam

Telegram’s Struggle Against Illicit Marketplaces

Telegram has come under heavy scrutiny for its challenges surrounding control of illicit activity. 

On May 15, the platform revealed that it had terminated “Haowang Guarantee,” a notorious black-market that was allegedly responsible for more than $27 billion in illicit crypto transactions globally, UnoCrypto reported. 

This marketplace allegedly facilitated a plethora of illegal activity, including ransomware payments, phishing campaigns, and trafficking stolen personal data. 

A few days later, on May 17th, we reported that blockchain security firm SlowMist issued a public service announcement regarding fake Telegram groups that were impersonating the company itself. 

These groups purportedly shared phishing links disguised as investment opportunities and had unsuspecting users willingly share sensitive information and cryptocurrency funds. 

SlowMist said it was addressing the issue and instructed users to stay vigilant and report any suspicious groups. 

So, with increased scams and ongoing impersonation on Telegram, CZ’s clarification served to remind the crypto community to independently verify sources and exercise extra caution when inquiring.

Also Read: Telegram-Based OTC Scam Uses SUI, NEAR, Axelar to Dupe VCs and Whales in $50M Fraud