Following the recent hacking of Ethereum co-founder Vitalik Buterin’s X (Twitter) account, Binance CEO Changpeng Zhao (CZ) has weighed in on the matter, emphasizing the significant security concerns surrounding X platform accounts. He highlighted that while X is widely used in the cryptocurrency industry, its security system has several vulnerabilities and doesn’t match up to financial platforms. In response, CZ proposed some crucial security enhancements.
One key proposal is the widespread adoption of two-factor authentication (2FA). This security method has proven highly effective and has gained popularity in recent times. Instead of relying on single-layer security, users are now shielded by two robust barriers (usually a code or secondary verification device), significantly enhancing account protection. This implementation helps alleviate concerns about data theft or unauthorized access to accounts.
Additionally, CZ stressed the importance of distinguishing login IDs from usernames or email addresses. This simple yet effective measure can help thwart cyberattacks based on the attacker’s knowledge of login information.
CZ emphasized that users should implement robust security measures, including the use of 2FA methods like Yubikey across all cryptocurrency platforms. These proactive steps are essential for safeguarding digital assets and personal information, particularly in an environment where online threats are ever-present.
The security concerns regarding CZ’s social media accounts stem from the repeated locking of his accounts due to hacking attempts. Most recently, the X (Twitter) account of Ethereum co-founder Vitalik Buterin was hacked, resulting in the cybercriminals pocketing nearly $700,000 from followers.
Notably, security concerns have been discussed and solutions sought for a considerable time, even before Elon Musk acquired Twitter. This indicates that the cryptocurrency community has long been aware of the risks associated with Twitter accounts.