Founder and Chief executive officer of Binance, Changpeng Zhao, aka CZ has cautioned the users following the news report of hacking of Twitter’s CEO account. It was reported earlier that account of the Jack Dorsey, the chief executive officer of Twitter, was hacked for a brief period of time. It is alleged that “SIM Swappers” were behind this hacking attempt as this group has been targeting high profile people for some time now.
CZ tweeted requesting the users of Binance, the world largest cryptocurrency exchange by trading volume, to be more cautious while operating their accounts. More specifically, CZ asked users to make use of Yubikey to operate their accounts. Just so you know Yubikey is a USB device which provides safe access by supporting the feature of a one-time password, thereby making it almost impossible for hackers to hack into your account. This is the reason why this USB hardware device has been recommended by the CZ.
Advice from Justin Sun:
Justin Sun, the founder of the Tron and chief executive officer of BitTorrent, has similar kind of advice for its users. Sun in a tweet urged users to opt for two-factor authentication (2FA) method to login to their account. Giving the example of Google authentication service, Sun said that users must immediately change not only their cryptocurrency account authentication but also advised them to do this for their Twitter account as well. The system of two-factor authentication has been proved quite effective against any kind of account hacking threat and its characteristic of being a non-SMS method further strengthen its safety credentials.