Google has yet to respond to Zhao’s concerns.
Despite its control of potentially unsafe crypto websites, Google has been unable to remove them from search, exposing individuals to financial abuses on a regular basis. Changpeng Zhao, the CEO of the US-based Binance crypto exchange, made this claim against Google. According to Zhao, when he searched for the CoinMarketCap website earlier this week, phishing sites labeled as adverts appeared on Google Search. Gadgets 360 did not experience the problem and hence cannot validate Zhao’s allegations.
The 45-year-old crypto billionaire tweeted a snapshot of his Google search and said that his team is attempting to contact Google to report the problem.
CoinMarketCap is a cryptocurrency data aggregator that Binance purchased in 2020. The service monitors the movement of crypto assets in real time while also keeping records and histories on each asset.
Because a major portion of the worldwide crypto community relies on CoinMarketCap for investment-related choices, Zhao believes it is critical that Google address the display of erroneous scam sites that show when searching for CoinMarketCap.
Google has yet to respond to Zhao’s concerns.
Several incidents of phishing schemes targeting naive cryptocurrency investors have recently made news. According to a recent BanklessTimes investigation, US-based crypto investors lost over $1 billion (approximately Rs. 8,000 crore) in total to scam and phishing sites.
In light of these financial hazards, Google has been working hard to guarantee that consumers do not become victims of hackers rushing to the cryptosphere. Google Play banned eight fraudulent bitcoin applications last year after they were determined to be cryptocurrency scam apps.
Indeed, in July of this year, Apple and Google received letters from US Congress requesting information on cryptocurrency-related applications accessible on the App Store and Play Store, respectively. Senator Sherrod Brown, the chairman of the Senate Banking Committee, urged the firms in these letters to give information on how they combat potentially harmful applications that promote crypto frauds.
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