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Jack Dorsey’s Twitter gets hacked, highlights importance of 2FA for Bitcoin holders

Jack Dorsey’s Twitter gets hacked, highlights importance of 2FA for Bitcoin holders

If the CEO of two multi-billion-dollar companies can get hacked, you can too. Jack Dorsey, CEO of Twitter and Square, had his account “compromised,” acting as a reminder to people at high risk of hacking, such as Bitcoin holders, should be especially security conscious.

Jack gets hacked

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
Jack Dorsey’s Twitter feed

Twitter Comms, an official communication channel for the social media platform, acknowledged the hack.

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.

Twitter stock price
TWTR by TradingView

Meanwhile, 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.

Importance of two-factor authentication

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.

As said by info-security influencer Ray Redacted:

The ease of liquidating and transferring cryptocurrency has brought about a renaissance for hackers. Ransomware, account penetration, and crypto-jacking are more rampant than ever as a result of easier-pickings from hodlers.

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. For those especially concerned, a physical hardware key, such as a YubiKey or Titan key, can be even more secure.

CryptoSlate reached out to Ray Redacted for additional tips for security buffs. He had this to add:

“I prefer using Authy because you can sync two devices, airgap one of them in a safe place, and then disable multi-device [cloud syncing] going forward. This gives you a ‘hot backup’ for all of your multi-factor authentication tokens.”

Overall, these small steps can ensure that your crypto (or Twitter) account is never accessed against your will.

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Mitchell Moos
Author

Mitchell Moos

Contributing Analyst @ CryptoSlate

Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.

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