Binance How To Spot Crypto Scams Quiz Answers | Share $10,000 BNB

Binance How To Spot Crypto Scams Quiz Answers

Binance How To Spot Crypto Scams Quiz Answers: Participate in the Binance learn & earn series quiz and win a share in a prize pool of $10,000 in BNB rewards for free.

Join Binance biggest learn & earn webinar where Binance will be educating newcomers on how to identify scams in the crypto world, take the quiz and win BNB rewards.

Binance learn and earn quiz has 25 questions with a total of 100 points. Those that score 90% or more will share a prize pool of $10,000 in BNB.

Rewards will be distributed to the winner’s Binance accounts within 14 days. You can only submit once, so be sure you have double-checked all answers before you submit. 

Binance crypto scams quiz answers are given below. The quiz form is valid from 26th August 2022, 15:00 to 2nd September 2022, 17:59 UTC.

Binance Crypto Scams Quiz Details

Quiz Details
Quiz NameBinance Learn & Earn: How to Spot Crypto Scams
Start Date26th August 2022, 15:00 UTC
End Date2nd September 2022, 17:59 UTC.
Prize Pool$10,000 BNB Rewards
Event SourceBinance Official Youtube Channel

Take The Binance Crypto Scams Quiz & Win $BNB

1) If you don’t have Binance account then create first from the link given below.

2) log in to your Binance account and you must complete your KYC verification.

3) Take the Binance quiz and submit the correct answers and your Binance UID.

4) Binance learn & earn quiz has 25 questions with a total of 100 points.

5) Users who get higher than 90% will win an equal share of $10,000 in BNB.

6) Activity period: From 26th August, 15:00 to 2nd September 2022, 17:59 UTC.

Binance Crypto Scams Quiz Answers

Do your research and recheck the answers before submitting it. These answers are for reference purposes only

1) A Crypto scam is a scheme designed to deceive and trick someone out of crypto.

Answer: True

2) Why are Crypto scams riskier than traditional scams involving fiat?

Answer: Crypto scams are riskier because transactions are irreversible

3) Out of the following three options, which one is the most likely reason for why Crypto scams are rising?

Answer: Fraudsters are taking advantage of FOMO and technical inexperience of newcomers

4) How much was lost in crypto related fraud in 2020?

Answer: £1.2B

5) Tick all the common types of Crypto scams from below.

Answer: Project/Token Frauds, Malware Installation, Fake Crypto sites/wallets, Giveaway/Airdrops Scams, Fake Crypto investments, Wallet/Account Hijacking

6) What are the two main ways for Crypto Project teams to fund their projects?

Answer: Public Offerings & Private Fundraising

7) What does ICO stand for?

Answer: Initial Coin Offering

8) What is one of the differences between ICO and IPO?

Answer: ICOs have little to no investor protection whereas IPOs are regulated

9) What is an IEO?

Answer: Initial Exchange Offering

10) True or False: Fraudsters often impersonate official websites (or emails) such as Binance to lure victims into sending them money?

Answer: True

11) True or False: Fraudsters will often post as celebrities, influencers or hack into social media accounts to lure victims into sending them money

Answer: True

12) Are Crypto giveaways safe?

Answer: Sometimes – but some crypto giveaways can be scams/fraudulent

13) True or False: Will Binance Customer Support contact you via a Phone call?

Answer: False

14) What are the four main methods to protect yourself from scams? Tick all that apply:

Answer: Distinguish between official and fake communication, Research and do your due diligence into project/tokens, Secure your crypto accounts with 2FA, Avoid clicking on Phishing or Suspicious Links

15) True or False: SIM Swapping can only occur if you physically lose your Phone?

Answer: False

16) Where can you locate the Binance Verify page?

Answer: Only though Binance website: https://www.binance.com/en/official-verification

17) True or False: Scammers can often gain access to your Crypto by purposefully making you download malware (harmful software) via your mobile or computer service?

Answer: True

18) What questions do you need to ask during due diligence checks before investing in Projects/Tokens?

Answer: All of the above

19) True or false: Anti-Phishing code is an additional security feature provided by Binance that allows users to add an extra layer of security to their account?

Answer: True

20) What is 2FA?

Answer: Two Factor Authentication

21) What methods of 2FA are you recommended to use? Tick all that apply:

Answer: Use Trusted Antivirus Program (and Firewall), Protect your Login Credientials with a Strong Password, Keep a separate/dedicated computer/phone just got Crypto accounts

22) True or False: Phishing is one of the most wide-spread and common cyber attack technique. It is a type of social engineering attack that involves psychological manipulation and relies on human failures.

Answer: True

23) What is a Rug Pull?

Answer: Crypto Project team sell all their Tokens in the market which results in token price essentially going to zero.

24) What is Binance doing to help mitigate Scams? Tick all that apply:

Answer: Implementing Strict Security Measures, Making KYC (Know Your Customer) Mandatory, Working with Law Enforcement

25) Should you contact your Local Police/Action Fraud if you have been scammed?

Answer: True

Binance Learn & Earn More Details

  • The deadline to complete the quiz is Friday 2nd September 2022, 17:59 UTC.

  • Ensure you submit the correct Binance User ID as this will be used for the distribution of prizes.

  • The scores will be released on Friday 2nd September 2022 at 18:00 UTC.

  • If you scored 90% or higher than you win a shared prize pool of $10,000 in BNB, providing you do not get disqualified.

  • Prizes will be distributed after 14 days as there needs to be some time to double-check all the entries.