Twitter hack, CEO of Binance: pro Bitcoin campaign
Twitter hack, CEO of Binance: pro Bitcoin campaign
Bitcoin

Twitter hack, CEO of Binance: pro Bitcoin campaign

By Eleonora Spagnolo - 17 Jul 2020

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It’s good to be back! This is the beginning of a series of tweets from the CEO of Binance, Changpeng CZ Zhao, who was one of the victims of the Twitter hack. These are the first tweets after the account has been blocked for over a day. And they say that not all evil comes to harm, as the incident can be beneficial, even for Bitcoin.

CZ had a privilege of being among the first hacked accounts, along with other exponents of the crypto world, as well as the official Binance account.

The hack then spread by targeting authoritative exponents of the political and economic world, from Joe Biden to Elon Musk, passing through Bill Gates.

In any case, in his version of events, CZ doesn’t miss the chance to make jokes. 

“When Twitter is not working, I can’t even tweet to complain about it”.

Twitter hack, the position of Binance’s CEO

CZ then discusses the events and shares his point of view.

“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. Do we have to explain this every time?”

CZ then talks about the real target of the hack: Twitter.

“Twitter hack?” Yes. But this incident highlights a bigger issue. With the increased #crypto adoption, existing social and internet platforms need to revamp their security. Internet platforms are no longer just for selfies, it is used to transfer value”.

This is because, according to CZ, most platforms are not secure. Twitter has been hit as a reference platform for the crypto community. He continues, Twitter definitely has security issues, one of which CZ himself reported not even two months ago, and which is related to the two-factor authentication system. 

His assessment of other platforms is very negative: 

“Google is probably the strongest in terms of account security, but it still allows scammer ads in its search results and networks. YouTube is a nightmare”.

Besides the security that needs to be improved for Twitter and other platforms, users also need to learn how to protect themselves in this regard. 

In any case, this is precisely the positive aspect of the hack: it has highlighted the need for more security, something that, according to CZ, the industry has long been calling for. It also educates people not to fall into traps, even if who is asking for money is “your favourite idol”

Finally, the most positive thing of all is that it has actually been a mass marketing 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”.

The last consideration highlights what must have been a nightmare at first:

“Lastly, on a personal note, feel privileged that my account got hacked before all the famous people above. How often do I get that? But next time, I’d prefer to go second. I was crazy worried until the 2nd guy came along”.

It is not known who he is referring to. In response to his tweets, CZ reveals another detail, namely that hackers have actively used his account. According to him, whoever managed the account at the time of the hack was blocking users who reported the posts as scams. This is causing CZ to have to scroll through the list and unblock people that he didn’t block. 

What CZ reports seems like a story with a happy ending: it’s now up to Twitter to solve the problems highlighted by the hack. The irony is that the creator of Twitter, Jack Dorsey, often spoke about a decentralized social network.

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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