SIM-swap attacks have been on the rise in the week leading up to Christmas, targeting prominent figures in the crypto industry. Founders of Manifold Trading, Rug Radio, and other crypto influencers have fallen victim to these attacks, with some losing control of their accounts on X (formerly Twitter).
On December 22, the official X account of Manifold Trading, along with its founding partner Jae Chung, was compromised by a SIM-swap hacker. The hacker posted malicious links to crypto drainers from the account. Despite having email address and password protection, Chung confirmed that the hack was a result of a SIM-swap attack. He assured that anything “fund-sensitive” was safe and steps were being taken to regain control of the accounts.
Similarly, on December 21, Farokh, the pseudonymous founder of Rug Radio, also experienced a SIM-swap attack. However, he reassured his followers that his phone number was not linked to his Twitter account. Rug Radio recently announced a merger with crypto publication Decrypt.
SIM-swap attacks involve fraudsters taking over a victim’s phone number, granting them access to bank accounts, credit cards, and crypto-related accounts that rely on SMS verification. To avoid such attacks, it is recommended to avoid linking two-factor authentication to a mobile number.
In a post on X on August 23, blockchain sleuth ZachXBT advised users of crypto apps to use an authenticator app like Google Authenticator to eliminate the risk of telecommunication data theft. He highlighted that hackers had stolen over $13.3 million from 54 high-profile figures in the four months leading up to August.
The recent surge in SIM-swap attacks reflects a growing trend of attackers targeting crypto-related projects and users. In October, users of the social finance platform Friend.tech reported falling victim to SIM-swap exploits. One user, “froggie.eth,” warned that their Friend.tech account was accessed through a SIM swap, resulting in the theft of over 20 Ether (worth approximately $44,000 at the time).
These incidents highlight the need for increased security measures and the adoption of alternative authentication methods to protect against SIM-swap attacks in the crypto industry.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Jae Chung, froggie.eth, ZachXBT, Farokh |
| Companies | Friend.tech, Decrypt, Rug Radio, Manifold Trading |
| Currencies | Ethereum |
| Securities | None |
