The founder of Binance, Changpeng Zhao (CZ), has issued a warning to crypto users to protect themselves against the rising threat of phishing attacks.
In a recent post on X, Zhao stated that any legitimate customer support team will never ask for passwords. He also warned that clicking links in unsolicited emails usually leads to fake login pages designed to steal login credentials.
CZ's tips for safe crypto platform access
CZ advised that the safest way to access a crypto platform's website is to manually type the web address and double-check the URL to ensure it's genuine.
Another important tip was password hygiene. CZ advised crypto users not to reuse the same passwords across multiple platforms. His reasoning: a breach on one platform could expose all accounts that share the same credentials.
He recommended using a password manager to generate strong, unique passwords and securely store them. Zhao explained that password managers typically don’t auto-fill credentials on phishing sites, adding an extra layer of protection.
CZ also advised enabling two-factor authentication (2FA) through a physical device such as a YubiKey. Hardware keys verify logins to legitimate websites, effectively blocking phishing attempts.
CZ explains why hardware 2FA beats SMS
According to CZ, hardware-based 2FA is more effective than SMS-based 2FA because it cannot be intercepted.
He concluded the post with his signature phrase, “Stay SAFU,” a reminder of Binance’s ongoing commitment to securing user assets.
Zhao’s security tips come in the wake of a hack on the Coinbase cryptocurrency exchange earlier today. As U.Today previously reported, the attack caused Coinbase’s stock price to drop by 6%.
Despite the evolving nature of phishing schemes, CZ's guidelines offer robust protection for users' crypto holdings.
In a video posted on X after the hack, Coinbase CEO Brian Armstrong revealed that the attackers had demanded $20 million worth of BTC as ransom and threatened to release customer data.
Armstrong confirmed in the video that Coinbase will not pay the ransom.
Vladislav Sopov
Dan Burgin