Vitalik Buterin sim-swap hack exposes Twitter Blue account security flaw

cyptouser7 months agoCryptocurrencies News198

Vitalik Buterin sim-swap hack exposes Twitter Blue account security flaw

Ethereum co-founder Vitalik Buterin confirmed that his X (formerly Twitter) account was breached via a sim-swap attack, according to a Sept. 11 post on Warpcast.

A sim-swap attack is a scheme that exploits a vulnerability in specific two-factor authentication methods, where a phone call or text message serves as the second authentication step. This method enables attackers to access their victims’ text messages, emails, contact lists, bank accounts, social media profiles, and other sensitive and private data.

Buterin explained that he did not know that phone numbers were sufficient to password reset a Twitter account even if not used as two-factor authentication. He added:

“A phone number is sufficient to password reset a Twitter account even if not used as 2FA. Can completely remove phone from Twitter. I had seen the “phone numbers are insecure, don’t authenticate with them” advice before, but did not realize this.”

According to him, he might have added his mobile number to the social media platform when he was registering for Twitter Blue. Twitter Blue is a subscription service that grants users access to premium app features and exclusive benefits like expanded reach, prioritized tweets, and other features on the X application.

Meanwhile, Buterin expressed joy in being on Farcaster, a decentralized social media protocol that allows users to recover their accounts via an Ethereum address. Warpcast is built on this protocol.

Buterin did not provide additional information on whether he would ever return to X.

On Sept. 9, Buterin’s X account was used to promote a phishing link that stole digital assets, including non-fungible tokens (NFTs) from wallets that interacted with it. The incident led to the loss of around $700,000.

Following the hack, Binance CEO Changpeng Zhao urged the crypto community to take caution when reading social media posts and advised the platform to introduce more security features. He added:

“Twitter’s account security is not designed as financial platforms. It needs quite a bit more features: 2FA, login id should be different from handle or email, etc.”


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Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

According to on-chain data, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin sent 600 Ether worth roughly $1 million to Coinbase earlier today.

The motive behind the transaction remains speculative as of press time. Usually, transfers to exchange are translated to mean an intention to sell. With Ethereum’s price recently struggling, Buterin’s transaction could further exert more selling pressure on the digital asset.

Meanwhile, on-chain sleuth Lookonchain reported that Vitalik.eth wallet repaid 251,000 RAI on DeFi platform Maker and withdrew 1,000 ETH (around $1.67 million) on Aug. 20.

The wallet known as “vitalik.eth” was created seven years ago and contained 3,993 ETH, worth $6.5 million as of press time. CryptoSlate, using the Arkham Intelligence dashboard, confirmed that the wallet belonged to the Ethereum co-founder. Other digital assets in the wallet include $84,000 worth of USD Coin (USDC) and $58,000 worth of Wrapped Ethereum (WETH).

This is not the first time Buterin would transfer assets to a crypto exchange. Earlier in the year, the Ethereum co-founder sent 200 ETH to Kraken in March. Around the same period, Buterin dumped several unsolicited altcoins (sh*tcoins) for 439.25 ETH.

ETH price struggling

Buterin’s transaction is coming on the heels of last Thursday’s crypto market flash crash. Last week, ETH’s price fell below $1700 for the first time since June and continued to trade under the mark as of press time.

According to CryptoSlate’s data, ETH traded at $1667 at the time of writing after a slight decline of 0.18% in the last 24 hours.

However, data from blockchain analytical firm Glassnode shows that Ethereum holders are jealously guarding their holdings as they rapidly send their assets off crypto exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level not recorded since 2018.

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