Recently, a series of attacks on the accounts of influential cryptocurrency figures rocked the X platform, formerly known as Twitter. Iconic figures such as Vitalik Buterin have had their accounts compromised, resulting in significant financial losses and raising major concerns about security on this social network.
Vitalik Buterin and the hack of his X account
The attack and its consequences
On 9 September 2023, Ethereum co-founder Vitalik Buterin’s X account was hacked. The hacker posted a message claiming to announce the launch of a new NFT collection in collaboration with Consensys, accompanied by a fraudulent link. By clicking on this link, users had their cryptocurrencies stolen after signing a phishing transaction. In total, almost $700,000 worth of crypto and NFT were stolen.
The modus operandi
The hack was carried out using a “SIM-swap” attack, in which the hackers take control of the victim’s telephone number by manipulating the telephone operator. Once they have the number, they can access various accounts protected by two-factor authentication (2FA) via the phone.
Other personalities targeted by hackers
Loss of $1 million on X
According to a report by the University of San Diego, between June 2022 and June 2023, almost $1 million was stolen by scams on X. Scammers use sophisticated techniques, such as fake giveaways and fraudulent mailing lists, to trick users. Despite efforts to report and remove these fraudulent accounts, 44% of them remain active.
Safety measures and recommendations
Expert feedback and advice
Tim Beiko, an influential member of the Ethereum community, has advised users to remove their phone number from X’s security settings, pointing out that even with another form of 2FA, a linked phone number can be used to reset passwords. This recommendation echoes Vitalik Buterin’s warnings about the poor security of phone numbers for sensitive authentications.
Cryptocurrency security
To protect against such attacks, it is essential to use more secure authentication methods and to be wary of suspicious links, even if they appear to come from reliable sources. It is also advisable to use hardware wallets, such as those offered by Ledger, to store cryptocurrencies in complete security.
Conclusion
The recent wave of hacks on X highlights the crucial importance of security in the cryptocurrency ecosystem. Users must remain vigilant and adopt robust security practices to protect their digital assets from growing threats. The crypto community must also continue to develop and promote advanced security solutions to prevent such attacks in the future.
