The CEO of Binance, the largest cryptocurrency trading platform in terms of daily trading volume, is closely followed by crypto investors on Twitter. Binance CEO Changpeng Zhao also tweets on topics other than cryptocurrencies. In his latest tweet, the CEO, also known as CZ, drew attention to a platform that has recently come to the fore with a security vulnerability. He argued that users should be wary of this application. Here are the details…
Binance CEO warns Slack users
cryptocoin.com As we have also reported, the CEO of Binance, the world’s largest Bitcoin and altcoin exchange with daily trading volume, made a new tweet. In his tweet at noon, he warned Slack users. Changpeng Zhao’s tweet includes exactly the following statements:
If you are using Slack, you have to be careful. #Stay SAFU.
The phrase “SAFU” in the Tweet is unique to Binance. The Secure Asset Fund for Users, or SAFU for short, is an initiative by Binance where it takes a portion of its transaction fees and deposits it into a fund. This fund will be used to compensate users if the need arises, i.e. if the platform gets hacked or investors lose money due to some technical exploit. However, the term also refers to the state of being “safe”. So Zhao is essentially telling his followers to “stay safe”.
Slack events: What happened?
So why did Changpeng Zhao point to Slack? Slack, a popular workplace platform, has disclosed a security incident that occurred as the new year approached. The company’s security team reported on a “security issue involving unauthorized access to some of Slack’s code repositories” in a December 31 blog post. On December 29, the company noticed suspicious activity on its GitHub account. The security team found that a small number of Slack employee tokens were stolen and used to access the company’s external GitHub repository. The perpetrator allegedly downloaded private code repositories on December 27.
The company claims that “customers were unaffected, no action was required and the incident was resolved quickly.” None of the downloaded data contained customer data, meaning perpetrators wouldn’t have access to user information or Slack’s primary codebase. This isn’t the first security incident on Slack. In July 2022, an independent security researcher discovered a vulnerability when the platform transmitted a hashed version of the user password to other platform members. About 0.5 percent of Slack users had to change their passwords because of the issue. Slack is an instant messaging program for corporate communication. It has more than 10 million daily active users.
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