Changpeng Zhao (CZ), Binance's founder and former CEO, has issued critical warnings to cryptocurrency users regarding increased phishing attacks targeting digital asset holders. Emphasizing cybersecurity vigilance, CZ advised users never to share passwords with anyone, including purported customer support representatives, as legitimate teams will never request such information.
CZ highlighted the danger of clicking links in unsolicited emails, which often lead to fake login pages designed to steal credentials. He recommended manually typing website URLs or using bookmarks to access crypto platforms. Users are encouraged to avoid password reuse across platforms and to employ password managers to generate and securely store strong, unique passwords.
Notably, CZ emphasized the superiority of hardware-based two-factor authentication (2FA) devices like YubiKey over SMS-based 2FA due to resistance to interception and phishing attempts. This approach provides an extra security layer to safeguard accounts.
This advisory follows a recent cyberattack on Coinbase, where hackers demanded $20 million worth of BTC ransom and threatened to release sensitive customer data. Coinbase's stock subsequently tumbled 6%. The events underscore the escalating risks of social engineering attacks amid heightened crypto market activity.
CZ’s reminders and security guidelines aim to help users protect their crypto assets against these evolving threats by implementing best practices.