SIM-Swap Crypto Thefts Get Out of Hand as Bitcoin Price Reaches New Highs

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SIM-Swap Crypto Thefts Get Out of Hand as Bitcoin Price Reaches New Highs
Cover image via u.today
Contents

According to ZDNet, US-based cryptocurrency holders fell victim to SIM-swapping (the practice of changing one’s SIM card for circumventing 2FA) over the past few weeks.

That coincided with cryptocurrency hitting the $9,000 mark, its highest price since May 2019.

The crackdown on SIM-swappers

SIM swapping is nothing new, but the focus of scammers has recently shifted specifically to cryptocurrency owners. Potential victims can store all their savings on cryptocurrency exchanges, naively thinking that 2FA is a surefire way to protect them from scammers.

These attacks, of course, weren’t left unnoticed. Earlier, U.Today shed light on numerous SIM-swapping cases. Joel Ortiz, the hacker who stole a whopping $5 mln, was sentenced to 10 years in jail back in February.

The first conviction of such kind was supposed to be a cautionary tale for bad actors, which explains why SIM-swapping hacks went down during the first half of the year.

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A new wave of attacks

The situation drastically changed over the past few weeks with numerous Twitter users claiming that their funds had been stolen due to SIM jacking.

Earlier, some of them even suggested that the attacks were an inside job.

As reported by U.Today, AT&T, the first US phone carrier to start accepting Bitcoin, was taken to federal court by a victim of SIM-swapping who believes that the telecommunication giant perpetrated the attack.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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