Binance CEO Alerts of Phishing Scams as Uniswap Founder Suffers a Hack

Phishing Attacks Increase in Cryptocurrency Industry

Binance CEO Changpeng “CZ” Zhao has recently voiced his concerns about the increasing number of phishing attacks in the cryptocurrency industry. He took to Twitter on July 21 to warn his readers about social engineering scams and to recommend that cryptocurrency exchange users rely on hardware devices such as Yubikey for two-factor authentication (2FA) instead of using mobile carrier-based 2FA.

The warning came shortly after Uniswap founder Hayden Adams had his Twitter account compromised on July 20. The attacker attempted to scam his followers through a malicious link posted on his page. Fortunately, members of Crypto Twitter quickly identified and warned others against the scam.

The growing number of phishing attacks and other malicious activities has made it critical for those involved in the web 3.0 apps, ZIL crypto, XCN crypto, blockchain and web 3.0 crypto projects to be aware of the potential dangers and to take the necessary steps to protect themselves. Examples of web 3.0 applications, as well as the differences between blockchain and web 3.0, can be found online.

Social Engineering Attacks in the Cryptocurrency Industry

In early July, LayerZero CEO Bryan Pellegrino experienced a SIM swap attack, which allowed hackers to take control of his Twitter account for a brief period. The executive speculated that the attackers utilized his speaker badge, which he had thrown away at the Collision conference.

Adams was able to regain access to his account within hours and promised to provide updates when available. The amount of social engineering attacks in the cryptocurrency industry has been increasing lately, and blockchain security experts anticipate that this trend will continue in the near future.

Web 3.0 apps, such as ZIL crypto and XCN crypto, are examples of how blockchain and Web 3.0 are impacting the industry. As the technology continues to evolve, so too do the opportunities for Web 3.0 crypto projects. To stay up to date on the latest about AI and Web 3.0, users can review the list of Web 3.0 apps.

SIM Swap Hacks and Web 3.0 Crypto Projects

SlowMist’s chief information security officer “23pds” has recently pointed out that SIM swapping does not require high-level technical skills. After Uniswap’s Adams reported that he was back on Twitter, 23pds referred to Cointelegraph’s recent coverage of SIM swap hacks.

“I was just doing an interview last week about the current state of sim swap hijacking, and I didn’t realize there were several attacks so soon,” he wrote. In the article, 23pds and other cybersecurity experts provided various methods to prevent social engineering hacks such as phishing, including using Web 3.0 crypto projects like ZIL and XCN.

To protect against SIM swap hacks, one of the core measures is to restrict the usage of SIM card-based methods for 2FA verification. Instead of relying on methods like SMS, one should better use apps like Google Authenticator or Authy.