CZ Warns Crypto Users of Phishing Risks After Coinbase Hack

Binance founder Changpeng Zhao (CZ) has issued a critical warning to cryptocurrency users about the growing threat of phishing attacks. In a post on X, CZ emphasized that legitimate customer support will never ask for passwords, and users should avoid clicking on links from unsolicited emails, which often lead to fake login pages designed to steal credentials.

CZ advised users to always type a platform's web address manually and double-check the URL to ensure its authenticity. He highlighted the importance of strong password hygiene, warning against reusing passwords across different platforms. A single compromised platform could expose all connected accounts, he said.

To enhance security, CZ recommended using password managers, which generate unique, strong passwords and store them securely. These tools often won’t autofill login details on phishing sites, adding another layer of protection. He also urged users to enable two-factor authentication (2FA) via a physical hardware key like YubiKey, which verifies logins only on legitimate websites. He noted that hardware-based 2FA is safer than SMS-based options, which can be intercepted by attackers.

Zhao ended his message with his signature phrase “Stay SAFU,” reinforcing Binance’s commitment to user safety.

The warning comes in the wake of a major security breach at Coinbase, where hackers demanded $20 million in Bitcoin and threatened to leak customer data. The attack triggered a 6% drop in Coinbase’s stock price. CEO Brian Armstrong confirmed in a video that Coinbase will not comply with the ransom demand.

With phishing attacks becoming increasingly sophisticated, CZ’s guidance offers essential steps to protect digital assets and maintain secure access to crypto platforms. His advice is especially timely amid renewed concerns about cybersecurity in the crypto industry.