The microblogging platform Twitter suffered a major security breach on Wednesday after accounts of over 130 famous personalities were hacked to solicit bitcoins from their followers. After the Twitter banned all verified accounts from tweeting for a while but now all accounts are working. Binance CEO Changpeng Zhao in twitter thread explained his experience and warned people of such potential scams. The CEO also pointed out how most platforms today aren’t equipped to deal with crypto securely.
“Social and internet platforms need to revamp their security as bitcoin adoption increases.”
Changpeng Zhao, who is quite vocal on social media platforms, tweeted about the hack saying, “Bitcoin hack?” No, bitcoin didn’t get hacked. The hackers want bitcoin because it’s valuable. When bank robbers want cash, it’s not called a “cash robbery.” It’s a bank robbery. “Bitcoin scam?” No, bitcoin didn’t scam anyone.” He added that this incident highlights a bigger issue. With the increased crypto adoption, existing social media platforms need to revamp their security. Internet platforms are no longer just for selfies, and it is used to transfer value, the CEO further noted.
“This unfortunate incident is positive for crypto.”
Binance CEO concluding his thoughts on the Twitter hack wrote, “looking on the positive side, I believe this unfortunate incident is a net positive for crypto.” He said that it raises awareness of the need for stronger security on internet platforms, something we, the industry players, have been asking for a while. The incident also educates the public about how not to fall for online scams, even if your favorite idol asks you to donate or transfer funds, verify before you send, he noted. The Binance said the hack is, regardless, a massive “advertising” campaign for bitcoin.
It is, regardless, a massive “advertising” campaign for #bitcoin. How often do you get all these famous accounts tweeting about crypto, albeit, we all wish they had tweeted about the Binance Academy post instead. pic.twitter.com/BXjBjiLvC2
— CZ Binance (@cz_binance) July 17, 2020