On July 15, the world looked on as influential personalities and companies found their Twitter accounts being hacked to promote a scam involving Bitcoin (BTC) and was slightly successful in luring some victims into giving up their coins. And on July 17, the CEO of Binance exchange, Changpeng Zhao, popular-known as CZ, addressed the recent high-profile hack which he claims were “net positive” for crypto.
Over a series of tweets, CZ argued the social media platform’s security incident was a “massive advertising campaign for bitcoin,” as some of the most popular accounts tweeted about Cryptocurrency.
CZ added that the hack also helped educate the public about online scams, explaining that it has highlighted the need for folks to verify social media information before sending over any funds.
Twitter Hack Shows Why Social Media Needs Revamped Security
In his tweetstorm, CZ noted that Twitter was hacked, not BTC and that the incident highlights the dire need for social and internet platforms to revamp their security.
Zhao, who is known for his social media-centered leadership on Binance, explained:
“Most platforms today aren’t equipped to deal with crypto securely. Twitter is targeted first because it has a more active crypto community.”
He added that Twitter “has some security issues,” but that most other internet platforms have “relaxed security measures, ” including the lack of two-factor authentication methods, support for hardware keys, and more.
On June 11, just days before the now-infamous Twitter hack, CZ had revealed that he disabled Twitter comments on his posts to weed out the scammers.
Zhao, whose Twitter account was also hacked, reiterated that internet platforms must be more secure since they are increasingly used to transfer value. Improved security is vital for widespread cryptocurrency adoption.
The CEO concluded by jokingly remarked that he was honored to have his page hacked along with Elon Musk, Bill Gates, and Barack Obama.
Shady Activity Also Seen On Top Platforms
On July 15, CZ rang the alarm on suspected shady activity that was happening over on Binance’s Twitter account.
Similar nefarious tweets had apparently also popped up on the accounts of Gemini, Coinbase, Bitfinex, Kucoin, and even media outlet Coindesk.
Moreover, individuals such as Tron CEO Justin Sun, Basketball King Cobie, AngeloBTC, and many others were targeted by hackers on Twitter.
This deluge of Twitter hacks comes shortly after hackers actively hijacked prevalent YouTubers to run fake crypto giveaways on the video-sharing platform.
The cons got so bad that Ripple sued YouTube for failing to halt XRP giveaway scammers from deceiving users into handing over their crypto holdings.