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Ethereum founder explains Twitter hack: What can you learn from it?

Ethereum founder explains Twitter hack: What can you learn from it?

A few days ago in Ethereum news you could see that the X account (or Twitter account) of Vitalik Buterin, the founder of Ethereum (ETH), was hacked. The account was then used to deceive unsuspecting crypto investors. Buterin now talks about how the incident came about.

Huge crypto losses after hack

The Ethereum Brain’s total 4.9 million followers were exposed to a post on September 10th that allowed people to claim a non-fungible token (NFT) for free, heralding the arrival of “proto-Danksharding” on Ethereum celebrate. However, it contained a malicious phishing link that resulted in users seeing their wallets emptied after confirming a transaction.

The misleading news has resulted in major crypto losses. At one point, the scammer’s wallet had at least 691,000 assets stolen.

ETH founder confirms SIM swap

Buterin has now heard from him again for the first time in a few days. More specifically, he shared a series of posts on the decentralized social media network “Farcaster”. Buterin stated that the hack was the result of a so-called “SIM swap attack.”

SIM swapping is a form of cybercrime in which a malicious actor attempts to obtain a victim’s phone number by activating the victim’s SIM card on another phone. With control of the number, fraudsters can access social media, banking and crypto accounts using two-factor authentication (2FA).

In the Buterin case, the fraudster tricked T-Mobile into receiving a new SIM card with the crypto pioneer’s phone number.

Buterin further points out that a phone number is enough to reset an X account with a password, even if it is not used as 2FA. He advises you to ignore your phone number completely.

Ethereum developer Tim Beiko announced on September 10th News on X also recommends you remove phone numbers from X accounts and use strong 2FA.

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