Binance CEO Changpeng Zhao (CZ) issued a warning about the growing risks associated with memecoins, specifically highlighting the threat of social media scams. He revealed that hackers are increasingly targeting social media accounts to defraud users by sharing fake smart contract addresses. CZ explained that these attacks exploit weaknesses in security measures on these platforms, allowing attackers to hijack legitimate accounts for deceptive purposes. CZ emphasizes that official Binance accounts never endorse specific memecoins and urges users to exercise extreme caution regarding potential scams and misinformation circulating on social media. The recent surge in interest surrounding memecoin projects has coincided with a rise in fraudulent activities and social engineering attacks. Experts advise caution, recommending that users only rely on verified information from official sources before investing in any token or contract address.