Binance CEO warns of phishing scams as Uniswap founder gets hacked

Binance CEO Changpeng “CZ” Zhao is the most recent determine within the cryptocurrency business to warn towards the rising quantity of phishing assaults.

CZ took to Twitter on July 21 to warn his readers about phishing and different social engineering scams. He additionally advisable cryptocurrency change customers depend on {hardware} gadgets for two-factor authentication as an alternative of utilizing cellular carrier-based 2FA, for instance.

“Greatest to allow 2FA with a {hardware} machine (Yubikey) on all crypto exchanges,” the Binance CEO wrote.

Zhao’s warning got here shortly after Uniswap founder Hayden Adams had his Twitter account compromised on July 20. After taking up Adams’ account, the attacker tried to rip-off his followers by a malicious hyperlink posted on his web page. Members of Crypto Twitter rapidly recognized and warned others towards the rip-off.

Adams subsequently restored entry to his account in a matter of hours. He additionally promised to observe up with updates when prepared.

The quantity of social engineering assaults within the cryptocurrency business has been rising.

In early July, LayerZero CEO Bryan Pellegrino turned a sufferer of a SIM swap assault, which allowed hackers to briefly take over his Twitter. The manager suggested that the attackers used his speaker badge on the Collision convention, which he occurred to place within the trash.

Blockchain safety consultants say the pattern of social engineering hacks like SIM swap assaults might proceed gaining stream within the close to future.

Associated: $794K SIM swap hacker PlugwalkJoe sentenced to 5 years in prison

In response to SlowMist chief info safety officer “23pds,” SIM swapping also doesn’t require high-level technical skills. After Uniswap’s Adams reported he was again on Twitter, 23pds additionally referred to Cointelegraph’s latest protection of SIM swap hacks.

“I used to be simply doing an interview final week concerning the present state of sim swap hijacking, and I didn’t notice there have been a number of assaults so quickly,” he wrote. Within the article, 23pds and different cybersecurity consultants supplied some strategies to stop social engineering hacks like phishing as properly.

oh .. @haydenzadams @Uniswap
I used to be simply doing an interview final week concerning the present state of sim swap hijacking, and I did not realise there have been a number of assaults so quickly.https://t.co/HSjMqdOora

— 23pds (@IM_23pds) July 21, 2023

One core safety measure advisable to take towards a SIM swap hack is proscribing the utilization of SIM card-based strategies for 2FA verification. As an alternative, utilizing apps like Google Authenticator or Authy is safer.

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