Binance Phishing Site and How to Navigate your Security Stance

This story was posted about a month and a half but remains relevant today.

After the security issue that occurred at Binance today, Binance’s CEO CZ tweeted an article he wrote on Steemit a few months back. I think this would be a good time to address some of his security recommendations.

CZ’s security practices are a great starting point for someone becoming involved in crypto looking for a better understanding of their security posture.

He addresses the “human element” in security and the ease in which people can fall prey to common issues.

The ways in which “hackers” or “social engineers” obtain data have remained relatively the same but their processes have changed to “dress it up” for the more sophisticated end-user. Some Binance users today have suffered from a malicious site portraying itself as the official Binance site. The users who fell for this, entered their credentials into the login screen which allowed the mailicous site to obtain the end-users’ details.

The article mentions compartmentalization, 2FA, and securing your devices. These are all aspects of crypto security that are heavily intertwined. In order to securely hold your crypto assets, it is critical to adopt these practices in the aforementioned article. There are numerous security measures that CZ even leaves out that I believe are necessary to protect and secure your digital assets.

Additional measures that people can do to secure their assets are proper key storage, end-to-end encrypted platforms, redundant backups of files, and cold storage. This Binance issue could have been avoided if the users who fell for this phishing site were holding their assets in cold storage. If the compromised user credentials were not holding assets on Binance, the malicious site would not have had access to any funds in their accounts. Managing your crypto assets as securely as possible should always be your goal, and cold storage is what all users should be striving to do. History tell us that you need get your assets off of the exchanges.

Educating oneself in this space is the greatest tool you have to keep control of your cryptocurrencies. Security Sense is here to help you. Reach out for more information.