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A Wave of SIM Swapping Attacks Targets Cryptocurrency Users

“Numerous members of the cryptocurrency community have been hit by SIM swapping attacks over the past week,” ZDNet reported Monday, “in what appears to be a coordinated wave of attacks.”
SIM swapping, also known as SIM jacking, is a type of ATO (account take over) attack during which a malicious threat actor uses various techniques (usually social engineering) to transfers a victim’s phone number to their own SIM card. The purpose of this attack is so that hackers can reset passwords or receive 2FA verification codes and access protected accounts….
[D]espite a period of calm in the first half of the year, a rash of SIM swapping attacks have been reported in the second half of May, and especially over the past week… Some candidly admitted to losing funds, while others said the SIM swapping attacks were unsuccessful because they switched to using hardware security tokens to protect accounts, instead of the classic SMS-based 2FA system.


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