With recent hacks of high-ranking executives, the number of social engineering attempts has been increasing in the bitcoin sector.
Attention, cryptocurrency enthusiasts! Phishing attempts are on the rise, and even well-known people like Binance CEO Changpeng “CZ” Zhao are raising the alarm. CZ used Twitter to alert customers to the rising frequency of social engineering frauds and advise them to choose hardware 2FA devices like the Yubikey rather than mobile carrier-based 2FA.
The warning was issued after hackers used Uniswap founder Hayden Adams’ Twitter account to try to trick his followers with a malicious link. Such occurrences are all too typical in the cryptocurrency industry; just a few days ago, LayerZero CEO Bryan Pellegrino was the target of a SIM switch attack.
Related: Crypto phishing attacks up by 40% in one year - Kaspersky
In control of my twitter again 🫡
— hayden.eth 🦄 (@haydenzadams) July 21, 2023
Appreciate everyone who helped out tonight, and the effort people put in to help with takedowns, warnings, etc
Will follow up with updates when ready https://t.co/t6WCAWOYlP
Hayden Adams quickly regained control of his account, but this instance shows how social engineering scams are becoming increasingly common in the bitcoin sector. A SIM switch attack that left LayerZero CEO Bryan Pellegrino a victim and allowed hackers to briefly control his Twitter account occurred just a few days before. Pellegrino claimed that the incident was the result of the intruders using his lost Collision speaker badge.
Security specialists for the blockchain have issued a warning that social engineering hacks, particularly SIM swap attacks, are becoming more common. Alarmingly, these attacks don’t always necessitate highly developed technological expertise. It’s imperative to strengthen your security protocols in light of these threats.
Related: Gutter Cat Gang NFT Project Loses Over $765K in SIM Swap Attack
Experts strongly advise against utilizing SIM card-based 2FA verification methods as one of the primary security precautions. Instead, use safer alternatives like Google Authenticator or Authy to protect your property and private data. Protect yourself from the constantly changing strategies used by fraudsters in the cryptosphere by always watchful.