Binance CEO warns of phishing scams as Uniswap founder gets hacked
Binance CEO Changpeng “CZ” Zhao is the latest figure in the cryptocurrency industry to warn against the increasing number of phishing attacks.
CZ took to Twitter on July 21 to warn his readers about phishing and other social engineering scams. He also recommended cryptocurrency exchange users rely on hardware devices for two-factor authentication (2FA), instead of using mobile carrier-based 2FA for example.
“Best to enable 2FA with a hardware device (Yubikey) on all crypto exchanges,” Binance CEO wrote.
Zhao’s warning came shortly after Uniswap founder Hayden Adams had his Twitter account compromised on July 20. After taking over Adams’ account, the attacker attempted to scam his followers through a malicious link posted on his page. Members of Crypto Twitter have quickly identified and warned others against the scam.
Adams subsequently restored access to his account in a matter of hours. He also promised to follow up with updates when ready.
The amount of social engineering attacks in the cryptocurrency industry has been rising recently.
In early July, LayerZero CEO Bryan Pellegrino became a victim of a SIM swap attack, which allowed hackers to take over his Twitter briefly. The exec suggested that the attackers used his speaker badge at the Collision conference, which he happened to put in the trash.
According to blockchain security experts, the trend of social engineering hacks like SIM swap attacks could be rising in the near future.
Related: $794K SIM swap hacker PlugwalkJoe sentenced to 5 years in prison
According to SlowMist chief information security officer “23pds,” SIM swapping also doesn’t require high-level technical skills. After Uniswap’s Adams reported he was back on Twitter, 23pds also referred to
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