ZachXBT

TRUST

<p>In the lead-up to Christmas, a wave of SIM-swap attacks has hit the cryptocurrency community, affecting high-profile figures and crypto-related projects. These malicious attacks have caused concern among users and raised questions about the security of their digital assets.</p>
<h2 class="wp-block-heading" id="sim-swap-attacks-on-prominent-figures">SIM-Swap attacks on prominent figures</h2>
<p>Several notable cryptocurrency influencers and projects have fallen victim to<a href="https://www.cryptopolitan.com/florida-resident-prison-sim-swap-crypto-scam/" rel="noopener noreferrer nofollow"> SIM-swap</a> attacks in the past week. Among them are the founders of Manifold Trading and Rug Radio and other crypto influencers.&nbsp;</p>
<p>In a recent incident on December 22, the official X (formerly Twitter) account of Manifold Trading, as well as its co-founder, Jae Chung, were compromised by a SIM-swap hacker.&nbsp;</p>
<p>The attacker posted malicious links to crypto-draining schemes via the compromised account. Despite the account being protected by an email address and password, the hackers managed to gain control.</p>
<p>Jae Chung reassured the community that anything “fund-sensitive” was secure, and steps were taken to regain control of the accounts and restore normal functionality.</p>
<p>On December 21, Farokh, the pseudonymous founder of Rug Radio, also <a href="https://twitter.com/farokh/status/1737650692951560656" rel="noopener noreferrer nofollow" target="_blank">experienced</a> a SIM-swap attack. Fortunately, he confirmed that his Twitter account was not linked to the compromised phone number.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨🚨🚨 GOT SIM SWAPPED.<br><br>Phone number is NOT associated to Twitter BUT PLEASE BE CAREFUL.<br><br>MY PHONE NUMBER IS COMPROMISED, TRUST NOTHING COMING FROM ME. 🚨🚨🚨</p>— Farokh (@farokh) <a href="https://twitter.com/farokh/status/1737650692951560656?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">December 21, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="understanding-sim-swap-attacks">Understanding SIM-Swap attacks</h2>
<p>A SIM-swap attack is a specific type of fraud where attackers gain control of a victim’s phone number, providing them access to various accounts, including bank accounts, credit cards, and crypto-related accounts that rely on SMS verification.&nbsp;</p>
<p>This attack can have devastating consequences, allowing hackers to potentially drain victims’ digital assets.</p>
<h2 class="wp-block-heading" id="protecting-against-attacks">Protecting against attacks</h2>
<p>Cryptocurrency users must take proactive steps to mitigate the risk of these attacks. One of the most effective measures is to ensure that two-factor authentication (2FA) is not linked to a mobile number.&nbsp;</p>
<p>Instead, users are encouraged to use an authenticator app like Google Authenticator. By doing so, they eliminate the vulnerability of having their telecommunication data stolen.</p>
<p>Blockchain sleuth ZachXBT <a href="https://twitter.com/zachxbt/status/1694326221511794706" rel="noopener noreferrer nofollow" target="_blank">emphasized</a> the importance of using authenticator apps in a post on X. He pointed out that in the four months leading up to August, hackers had successfully stolen over $13.3 million from 54 high-profile individuals.</p>
<h2 class="wp-block-heading" id="growing-trend-of-attacks-on-crypto-related-projects">Growing trend of attacks on crypto-related projects</h2>
<p>The recent surge in SIM-swap attacks targeting cryptocurrency influencers and projects highlights a growing trend of cybercriminals focusing their efforts on the crypto space. These attacks are a stark reminder of the industry’s need for enhanced security measures.</p>
<p>Before the recent attacks, on October 4, users of the social finance platform Friend.tech took to Twitter to <a href="https://www.cryptopolitan.com/crypto-users-on-friendtech-sim-swap-attack/" rel="noopener noreferrer nofollow">report</a> falling victim to such exploits. One pseudonymous user, “froggie.eth,” revealed that their Friend.tech account had been accessed via a SIM-swap attack. Subsequently, the attackers drained over 20 Ether (ETH), equivalent to roughly $44,000.</p>

Crypto influencers and projects targeted in SIM-Swap attacks ahead of Christmas

Table of Contents

Cryptopolitan_News

Other articles published on Dec 22, 2023

Three Promising Altcoins as the New Year Approaches

Crypto Company Aims for Growth: Opportunity for Everyone

Binance Removes Major GBP Trading Pairs from Its Platform

Whampoa Digital and Wemade in strategic partnership for US$100 million Web3 Fund and digital asse...

Binance Cuts Ties With ADA, BTC, DOGE, XRP Pairs Linked to British Pound

Bloomberg Analyst: Spot Bitcoin ETF Approvals To Begin By End Of 2023?

Join our free newsletter for daily crypto updates!