SIM swap attacks have become a major security threat for crypto owners, with over $13.3 million in crypto stolen from 54 SIM swaps in the past four months. These attacks are successful because many victims only use SMS two-factor authentication (2FA) to protect their accounts. In a SIM swap attack, a hacker tricks a mobile carrier into transferring a victim’s phone number to a SIM card they control. Once they have the victim’s number, they can access sensitive accounts and steal funds.In May of this year, Blockchain Capital’s Founder Bart Stephens lost $6.3 million worth of digital assets due to a SIM swap attack. Similarly, a SIM swap attack on the Gutter Cat Gang NFT project resulted in the transfer of NFTs valued at more than $765,000.The US Federal Communications Commission has proposed new rules to protect consumers from SIM swaps, and British hacker AKA PlugwalkJoe was sentenced to a five-year prison sentence in the United States for his involvement in a SIM swap attack leading to a $794,000 loss in crypto.Crypto users are advised to take proactive steps to strengthen the security of their assets by using an authenticator app or security key to secure accounts as they are more secure than using phone numbers for 2FA.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 🇬🇧 |
| Sentiment |
negative |
| Relevance Score |
8 |
| People |
Bart Stephens, ZachXBT, PlugwalkJoe, AT&T, Verizon. |
| Companies |
T-Mobile, Verizon, AT&T, US Federal Communications Commission, British hacker AKA PlugwalkJoe |
| Currencies |
None |
| Securities |
None |
