BNB Edges Higher to $841 as Binance’s CZ Reveals New Defenses Against Growing Wallet Scam

The BNB price has surged by a fraction of a percentage to trade at $841, as Binance co-founder Changpeng Zhao (CZ) proposes stronger security measures to combat address poisoning scams, a growing threat in the crypto space.

In a recent blog post, CZ urged wallet providers to automatically detect and block known “poison addresses” using on-chain checks. He also suggested adding clear warnings for users and hiding low-value spam transactions, which scammers often use to trick victims into copying malicious wallet addresses from their transaction history.

Address poisoning is a phishing technique where attackers send small amounts of crypto to targets, hoping they later mistakenly send funds back to the scammer’s address. The method has caused significant losses. Scam Sniffer reports that phishing scams affected more than 6,300 victims in November, resulting in losses of over $7.7 million, with December figures expected to rise sharply after a single $50 million USDT loss.

Security firm CertiK ranks phishing as the most damaging crypto scam of 2024, with losses exceeding $1 billion. To counter the risk, Binance has developed an algorithm that has already identified around 15 million poisoned addresses, aiming to better protect users across the ecosystem.

BNB Price Defends Key Support as Market Eyes Possible Rebound

Binance Coin (BNB) is trading near $840, holding above an important support zone after a sharp pullback from its October high around $1,300. The daily chart shows that buyers are consistently defending the $820–$850 area, making it a critical level for short-term price direction.

Earlier in the year, BNB moved sideways for several months in a consolidation phase, building a strong base. This was followed by a powerful rally between July and October, where the price accelerated in a parabolic move. As expected after such a strong rise, BNB entered a correction phase as traders took profits.

Price has now returned to a former breakout level, which often acts as strong support. Instead of breaking lower, BNB is stabilizing and forming a base above this zone. This behavior indicates selling pressure is weakening, and buyers are gradually regaining control.

If the current support level holds, BNB could attempt a recovery move. The first resistance sits near $900, followed by a stronger resistance zone between $1,000 and $1,050. A sustained move above this area could allow the price to target the $1,100 level highlighted on the chart.

The RSI (14) is hovering around 40–43, indicating that bearish momentum is fading. While RSI is not yet bullish, it shows that downside pressure is losing strength. In past price cycles, similar RSI levels have often preceded short-term rebounds when aligned with strong support zones.

That said, risk remains. A daily close below $820 would weaken the bullish case and could trigger a deeper drop toward $750. For now, traders should watch for confirmation through higher volume and a clear break above resistance.