In a fireside chat at the World Blockchain Summit Asia on Thursday Binance CEO Changpeng "CZ" Zhao threw shade at Twitter's security, or lack thereof, following coordinated attacks against prominent accounts on the platform Wednesday.
- Starting with cryptocurrency firms like Coinbase, Gemini and Binance – and even CoinDesk – and moving on to big names including Joe Biden, Barack Obama, Bill Gates and Elon Musk, the hackers were somehow able to post from the accounts offering a fake crypto giveaway.
- Twitter has yet to provide a breakdown of how the mass attack was carried out, but says it's working on it.
- Speaking to CoinDesk's managing director of content products, Joon Ian Wong, Binance's CZ said that while the bitcoin giveaway scam was rudimentary in its approach, it was a sign of how important strong security is for the industry.
- CZ, whose account was also breached, said Twitter offers "limited security options" and the options that are available are a "little weak."
- He said he became aware of his own account being compromised after other high-profile accounts came under attack.
- Twitter does provide two-factor authentication (2FA), but that seems to have been bypassed in the attack. Many of the affected accounts, including CoinDesk's, had 2FA activated.
- In the event of a hack where crypto funds are stolen from either individuals or exchanges, Binance seeks to blacklist the attacker's addresses in coordination with other exchanges in order to deter future thefts, according to CZ.
- Everyone in the community needs to work together and collaborate in order to "fight back" against bad actors in the space, he said.
- Despite the hack of his and Binance's accounts, CZ said Twitter is still his preferred social media platform due to its design and reach.
- He had not yet regained control over his Twitter account at time of the interview.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.