SIM swap attacks have become a major concern in the cryptocurrency landscape, causing losses that have surpassed an alarming rate in the last few months. These attacks specifically target individuals believed to have significant cryptocurrency holdings, and have led to a theft of $72 million in 2022. In May 2023, Blockchain Capital’s Founder, Bart Stephens, lost $6.3 million in digital assets, and even high-profile projects like the Gutter Cat Gang NFT project suffered losses exceeding $765,000 due to a SIM swap attack.In response to the growing menace of SIM swap attacks, the US Federal Communications Commission proposed new rules to safeguard consumers from these “ugly new frauds”. Additionally, law enforcement agencies have escalated their efforts to apprehend and prosecute hackers involved in SIM swap attacks.Crypto users are advised to take proactive measures to fortify the security of their assets. Relying solely on phone numbers for 2FA is no longer sufficient. Experts suggest using alternatives like authenticator apps or security keys, which provide a stronger layer of protection against the constant threat of SIM swap attacks.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 🇬🇧 |
| Sentiment |
negative |
| Relevance Score |
9 |
| People |
Bart Stephens, ZachXBT, PlugwalkJoe, Federal Communications Commission, FBI |
| Companies |
Federal Bureau of Investigation, Federal Communications Commission, Blockchain Capital, Gutter Cat Gang NFT project, US |
| Currencies |
None |
| Securities |
None |
