Multiple Crypto Influencers Struck By SIM Swap Attacks – Here Are The Details
SIM swap attacks have become an increasingly popular way for cybercriminals to steal crypto funds from their victims. In recent news, multiple cryptocurrency influencers have fallen victim to these sophisticated and devastating hacks.
Notable victims include YouTube cryptocurrency influencers Jon “Muststop” Montgomery and Bright Marsh, as well as crypto analyst and teacher Nicholas Pelecanos.
SIM swap attacks are executed when a hacker takes control of a victim’s mobile phone number, enabling them to then gain access to other associated accounts. The attacker transfers the victim’s phone number to a device controlled by them, allowing them to bypass two-factor authentication and gain access to any account. Once inside, the attacker can make changes to passwords, contact details, and other sensitive information.
In Montgomery’s case, it is believed that the hacker gained access to his Coinbase account in August 2019, which led to the theft of 8.8 Bitcoin worth $74,000 at the time. Despite Montgomery’s best efforts, the funds have not yet been recovered. Shortly after, bright marsh was also hacked via a sim-swap attack, with the attackers gaining control of his Coinbase and Binance accounts. In total, approximately $150,000 worth of cryptocurrencies were stolen from his accounts.
Pelecanos reportedly had over $2 million worth of cryptocurrency stolen from him after falling victim to a similar attack. It appears that the hackers gained access to his phone and siphoned digital funds from his accounts.
It’s important for crypto users to take precautions to protect their digital funds. Be sure to enable extra account security measures such as two-factor authentication, QR passcodes, and biometric access. It’s also a good idea to store larger amounts of digital assets in a cold storage wallet that is not connected to the internet. Lastly, use caution when sharing your phone number online.