In the wake of a hack on Ethereum co-founder Vitalik Buterin’s social media account, Binance CEO Changpeng Zhao (CZ) has made a fervent call to adopt hardware two-factor authentication (2FA) for all crypto platforms. The hacked account was manipulated to circulate a scam crypto link which reportedly resulted in users being defrauded of their funds.
Taking to social media platform X, CZ stressed the importance of using a hardware 2FA system, specifically mentioning “Yubikey.” This device, akin to a USB, produces a unique one-time password (OTP) for secure account access and transaction validation. CZ’s emphasis on such tools stems from his past experiences with his own Twitter account, which was targeted by hackers before what he described as the “Elon era.”
Diving deeper into the benefits of Yubikey, Binance’s X account articulated that the hardware provides an extra layer of security that can critically diminish the chances of accounts being compromised. Addressing queries about the reliability of Google Authenticator, Binance highlighted the value of amalgamating multiple security features, championing a combination of Authenticator and Yubikey as an exemplary defense mechanism.
The incident with Buterin has spurred discussions on X regarding the nature of the hack. Many posited that he might have been ensnared in a SIM swap hack, which would imply that other accounts linked to him, perhaps even his Coinbase, could have been compromised. Yazan, an on-chain analyst, reminded users of the vulnerability of SMS Verification, urging the adoption of 2FA apps to bolster security.
The event sparked skepticism among some, finding it hard to digest that Buterin, a co-founder of Ethereum, could be using a seemingly rudimentary SMS 2FA system. Adam Cochran suggested that Twitter should be scrutinized for its role in the hack, while another user named Crypto King expressed astonishment at the perceived laxity in security measures by some high-net-worth individuals in the crypto domain.