Binance's CZ Shares Four Crypto Security Rules After Coinbase Attack

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Binance founder Changpeng Zhao (CZ) has issued a warning to crypto users to protect themselves from the growing threat of phishing attacks.

In a recent post about X, Zhao said that legitimate customer support teams never require a password. He also warned that clicking on a link in an unsolicited email would usually lead to a fake login page designed to steal login credentials.

CZ tips for secure cryptographic platform access

CZ is the safest way to access the Crypto platform websites is to manually enter your web address and double check the URL to make sure it’s authentic.

Another important tip was password hygiene. CZ advised Crypto users not to reuse the same password on multiple platforms. His reasoning: Violation of one platform could make all accounts sharing the same qualifications public.

Some security tips on preventing phishing attacks.
– Do not give the “Help Desk Agent” password. A real support agent doesn’t need it.
– Do not click on the link you received via email. Enter it in the URL or use your bookmarks to log in to your account. Triple check…
– CZ

He recommended using a password manager to generate strong and unique passwords and store them securely. Zhao explained that password managers will typically not automate credentials on phishing sites, so they will add an additional layer of protection.

CZ also recommended enabling two-factor authentication (2FA) via physical devices such as Yubikey. The hardware key effectively blocks phishing attempts and verifies you log in to a legitimate website.

CZ explains why hardware 2FA defeats SMS

According to CZ, hardware-based 2FAs are more effective than SMS-based 2FAs because they cannot be intercepted.

He concluded the post with the signature phrase “Stay Safu” reminding us of Binance’s continued commitment to protecting user assets.

Zhao’s security tips are triggered by a hack of Coinbase Cryptocurrency Exchange today. As reported previously by U.Today, the attack caused Coinbase shares to fall by 6%.

Despite the evolved nature of the phishing scheme, CZ guidelines provide robust protection for users’ crypto-holding.

In a video posted to X after the hack, Coinbase CEO Brian Armstrong revealed that the attacker demanded $20 million worth of BTC as ransom and threatened to release customer data.

Armstrong confirmed in the video that Coinbase would not pay the ransom.