Binance CEO CZ Comments on Vitalik Buterin's Twitter Account Hack
Jessie A Ellis Sep 10, 2023 09:36
On 10 Sep 2023, Binance CEO, Changpeng Zhao (CZ), addressed the hacking of Ethereum co-founder Vitalik Buterin's Twitter account. CZ emphasized the need for stronger security on social media platforms, citing Twitter's vulnerabilities. The breach led to losses of over $691,000 for users who clicked a malicious link on Buterin's hacked account. Notably, a valuable NFT, CryptoPunk #3983, worth approximately $250,543, was stolen. Users are urged to exercise caution online.
Changpeng Zhao (CZ), the CEO of Binance, the world's largest cryptocurrency exchange, has commented on the recent hacking of Ethereum co-founder Vitalik Buterin's Twitter account. In a tweet dated 10 Sep 2023, CZ urged the public to exercise caution when interpreting content on social media, even if it originates from key opinion leaders (KOLs). He emphasized that Twitter's security infrastructure lacks the robustness of financial platforms, suggesting improvements such as two-factor authentication (2FA) and distinct login IDs separate from handles or email addresses.
CZ's tweet read:
Vitalik's Twitter account got hacked. Use common sense when reading content on social media, even from large KOLs. Twitter's account security is not designed as financial platforms. It needs quite a bit more features: 2FA, login id should be different from handle or email, etc. In the past, I have had my Twitter account locked a few times due to hackers trying to brute-force it (trying different passwords repeatedly). This was before the 'Elon era'. Stay #SAFU!
According to blockchain investigator ZachXBT, the breach resulted in victims losing over $691,000 after being lured into clicking a malicious link shared by the hacker on Buterin's compromised account. The link falsely promised a free commemorative nonfungible token (NFT). As a result of the hack, Ethereum developer Bok Khoo, also known as Bokky Poobah, reported significant losses in his CryptoPunk NFT collection. (Read Exclusive Interview with CZ by Blockchain.News)
He further explained the reason why Vitalik's tweet was hacked,
if it was a SIM swap then yes he should refund bc that would be his fault for using SMS 2FA (surely he doesn’t) if it was something else then why is it his fault for something entirely out of his control?
In light of these events, users are reminded to be vigilant about the content they engage with on social media platforms and to ensure they have adequate security measures in place for their online accounts.
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