The fallout from the mass hack of celebrity Twitter accounts has prompted a furious blame game and caused the uninitiated to blame bitcoin for facilitating the scam. The crypto community knows that to be false – Twitter’s centralized system, complete with “god mode” allowing them to post on behalf of users, was responsible.
Nevertheless, the attack had an undeniable crypto component given that the hacker obtained more than $120,000 in bitcoin. Fears that the attacker may have been able to access the DMs of the compromised accounts have prompted digital asset holders to reconsider their opsec.
Sharing passwords, private keys, and wallet seeds in private messages is a recipe for disaster. But beefing up your digital security doesn’t stop there.
Here are three ways to keep your crypto safe in the wake of the Twitter hack that’s placed the cryptosphere on high alert.
Just as it doesn’t make sense to entrust your entire net worth to a custodial platform, it’s illogical to trade on an exchange with zero knowledge of its custodial policy. Choose a crypto-buying platform that implements meticulous hot and cold storage procedures, and which has ideally partnered with a leading custodial provider.
Perform your own due diligence, but broadly speaking, if an exchange is making a big deal about its rigorous custodial procedures – and provides evidence of this – it’s probably not just paying lip service to the concept.
The fallout from the mass hack of celebrity Twitter accounts has prompted a furious blame game and caused the uninitiated to blame bitcoin for facilitating the scam.