Notable Figures Fall Victim to Attacks
Several prominent cryptocurrency influencers and projects have recently fallen victim to SIM-swap attacks.
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. Despite the account being protected by an email address and password, the hackers managed to gain control. Chung assured the community that anything “fund-sensitive” was secure and steps were taken to regain control of the accounts.
Another incident occurred on December 21 when Farokh, the pseudonymous founder of Rug Radio, experienced a SIM-swap attack. Thankfully, his Twitter account was not linked to the compromised phone number.
Understanding the Impact of SIM-Swap Attacks
SIM-swap attacks involve fraudsters gaining control of a victim’s phone number, granting them access to various accounts, including those related to banking, credit cards, and cryptocurrencies that rely on SMS verification. This type of attack can have devastating consequences, potentially resulting in the loss of digital assets.
Protecting Against Attacks
To safeguard against SIM-swap attacks, users are advised to use an authenticator app like Google Authenticator. By doing so, they can eliminate the vulnerability of having their telecommunication data stolen. A cautionary note reveals that in the four months leading up to August, hackers successfully stole over $13.3 million from 54 high-profile individuals.
Increase in Attacks on Crypto-Related Projects
The recent surge in SIM-swap attacks on cryptocurrency influencers and projects highlights a concerning trend of cybercriminals focusing their efforts on the crypto space. This concerning trend was evident even before the recent attacks. On October 4, users of the social finance platform Friend.tech reported falling victim to similar exploits on Twitter. In one case, a user named “froggie.eth” revealed that their Friend.tech account had been accessed through a SIM-swap attack, resulting in the theft of over 20 Ether (ETH), equivalent to approximately $44,000.