Binance CEO Changpeng “CZ” Zhao recently issued a warning about the growing menace of phishing attacks in the cryptocurrency industry.
On July 21, CZ took to Twitter to caution his followers about the prevalence of social engineering scams and urged cryptocurrency exchange users to adopt more secure measures for two-factor authentication (2FA).
In light of recent incidents, CZ’s concerns gained significance. The day before, Uniswap founder Hayden Adams fell victim to a Twitter account compromise.
The attacker attempted to scam Adams’ followers using a malicious link, leading Crypto Twitter members to identify and warn against the scam.
Adams was able to regain control of his account within a few hours and assured his followers of updates to come.
This surge in social engineering attacks has become a concerning trend in the cryptocurrency realm.
In early July, LayerZero CEO Bryan Pellegrino was also targeted in a SIM swap attack, granting hackers temporary control of his Twitter account.
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Pellegrino suggested that the attackers exploited his discarded speaker badge from the Collision conference.
Blockchain security experts have raised red flags about the potential for further social engineering hacks, such as SIM swap attacks, in the future.
SlowMist’s chief information security officer, known as “23pds,” emphasized that these attacks do not necessitate advanced technical skills.
He pointed out that SIM swap hijacking has been on the rise, as demonstrated by recent incidents and Cointelegraph’s coverage of SIM swap hacks.
To safeguard against such attacks, 23pds and other cybersecurity experts recommended several protection measures, including avoiding reliance on SIM card-based 2FA verification.
Instead, users are advised to opt for more secure methods like Google Authenticator or Authy.
In conclusion, cryptocurrency industry leaders like CZ and Hayden Adams have brought attention to the growing threat of phishing and social engineering scams.
As the number of attacks rises, it is crucial for users to stay vigilant and adopt more secure authentication practices to protect their digital assets and personal information from malicious actors.
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