- Binance CEO, Changpeng Zhao, noted that a new round of phishing attacks are targeting users of bankrupt platforms.
- The data breach at the financial and risk advisory firm resulted in a leak of user data, resulting in the phishing attacks.
- CZ shared a list of tips for users to fight phishing and protect their crypto asset holdings.
Kroll, a financial and risk advisory company, suffered a data breach and data of bankruptcy claimants for insolvent companies FTX, BlockFi and Genesis Global Holdco. CEO of Binance, one of the largest crypto exchanges in the ecosystem, Changpeng Zhao (CZ), informed his 8.6 million followers of likely phishing attacks targeted at these users.
Binance’s CZ warns users of phishing attacks and spreads awareness
Changpeng Zhao warned his Twitter followers of phishing attacks targeting bankruptcy claimants at firms like FTX, BlockFi and Genesis Global. Phishing is a type of cryptocurrency scam where victims give their private keys or other personal information. The attacker gains the trust of the victim through a misspelling in a URL or a link to click, in a phishing email.
New rounds of phishing attacks already underway for the poor users of FTX, BlockFi, Genesis, as a result of the Kroll data leak, which seems to be a result of a SIM swap on an employee.♂️
— CZ Binance (@cz_binance) August 27, 2023
Learn to protect yourself. Learn about phishing attackshttps://t.co/AtcevQciVR pic.twitter.com/pbHFnhsArK
Social media platforms are filled with reports of Kroll’s data breach.
CZ shared a Binance post on fighting phishing attacks, asking users to avoid clicking on links in emails about security incidents. Navigating to the webpage after checking the spelling and looking out for a https at the beginning of the URL, are a few of the recommendations, from the post.
Binance CEO asked users to keep their private keys and passwords private. Crypto traders in the ecosystem are likely to be survive the phishing attacks if they avoid sharing personal information on email.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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