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If the CEO of two multi-billion-dollar companies can get hacked you can too. Jack Dorsey, the CEO of Twitter and Square, recently had his account “compromised,” acting as a reminder that people at high risk of hacking, such as Bitcoin holders, should be especially security conscious.
Within the last hour Jack Dorsey’s Twitter account was hacked, evidenced through a string of profanities tweeted from his handle @jack.Jack Dorsey’s Twitter feed
Twitter Comms, an official communication channel for the social media platform, acknowledged the hack.
We're aware that @jack was compromised and investigating what happened.
— Twitter Comms (@TwitterComms) August 30, 2019
In response to the news, TWTR fell 0.164 percent, shaving $53 million off the company’s market capitalization. Though the stock price quickly recovered.TWTR by TradingView
That said, Twitter’s reputation may not be as fortunate. The platform was alight with people ridiculing Jack Dorsey’s carelessness for allowing himself to get compromised.
I feel bad for Jack Dorsey but this is what happens when your entire staff goes to Burning Man
— Tom Gara (@tomgara) August 30, 2019
If the Twitter CEO’s account can be hacked, then none of us is safe. What a shxxshow!https://t.co/ae2csPLmmf
— Laurence Tribe (@tribelaw) August 30, 2019
Dorsey’s incident highlights the need for proper security precautions, especially for people who are at high risk of hacking. Politicians, social media executives, and cryptocurrency holders are all people who need to pay special attention to their security.
For Bitcoin holders who use crypto exchanges, such as Coinbase or Binance, using two-factor authentication is critical. When enabled, not only would a hacker need to compromise the user’s password but also another device, such as a mobile phone.
Though, one thing to pay attention to is SMS based two-factor authentication. SMS is notoriously insecure. A wave of “SIM swapping,” where a hacker impersonates someone to gain access to their phone number to breach online accounts, has stung several high-profile crypto users.
Thus, for those who are highly active traders or holders, the better choice is smartphone-based authentication. Use of an authentication app such as Google Authenticator or Authy substantially increases the security of an online account.
Overall, these small steps can ensure that your crypto (or Twitter) account is never accessed against your will.