The founder of Binance has warned about cases of people using photos taken with him to scam investors.

As a highly influential figure in the cryptocurrency market, every move of Changpeng Zhao (CZ), CEO of trading platform Binance can affect users’ projects and investment decisions. Therefore, CZ once warned against cases of fraudsters trying to increase credibility by showing off photos taken with him.

Changpeng Zhao’s arrival in Vietnam on June 3 received great attention from the domestic cryptocurrency investor community. As noted by Zing , after CZ’s speech at the seminar ended, a man ran up to the stage to take a photo with the cryptocurrency billionaire.

In addition, at the photo corner arranged by the organizers, there were long lines of people queuing up to have the opportunity to take pictures with Changpeng Zhao. Soon after, photos taken with the Binance boss were shared by many users on social networks.

However, the billionaire himself warned on Twitter that many people took advantage of the photos taken with him to scam.

Who shows off Changpeng Zhao's elephant picture is his knife 1

“If someone sends you a picture of me with me and claims to be very close. See them as scammers. My real friends don’t do that. They don’t need it,” CZ said on Twitter on May 23.

As a big influence in the community, every action of a Binance boss can cause the price of a digital currency to fluctuate wildly. On the evening of June 3, billionaire cryptocurrency Chanpeng Zhao (CZ), CEO of the Binance exchange posted the tweet “I ♥️ Pho” on the official page. This content comes after CZ came to Vietnam to attend an event about blockchain in the country.

After this tweet, an anonymous cryptocurrency suddenly surged in price. Specifically, the PhoSwap token (abbreviation: PHO) increased from $0.019 per coin to $0.064 per unit. In just a few hours, the value of PHO has tripled, despite not having any outstanding activity. PhoSwap’s total market capitalization stands at around $500,000 , ranking 8,824 in the list of cryptocurrencies.

Sharing with Zing , Changpeng Zhao said he does not want to comment on crypto projects in particular.