New SIM-Swap Attacks Target Crypto Influencers in the Festive Season
Amid the festive season, a growing trend of SIM-swap attacks has struck the crypto world, targeting high-profile figures and causing turmoil among crypto influencers. The co-founders of Manifold Trading and Rug Radio have recently fallen victim to these attacks, highlighting the pressing need for enhanced security measures.
Introduction
The founders of Manifold Trading and Rug Radio, prominent names in the crypto industry, have revealed that they were recently targeted in SIM-swap attacks. This article delves into the details of these incidents, shedding light on the implications and urging the crypto community to take precautions.
Crypto Giants Under Siege
As the holiday season approached, crypto influencers were in the crosshairs of SIM-swap attackers. Individuals associated with Manifold Trading, Rug Radio, and other crypto influencers fell victim to these attacks in the final days of Christmas.
On December 22nd, Manifold Trading’s official Twitter account, along with co-founder Jae Chung’s account, was compromised by a SIM-swap attacker. The hacker exploited this access to disseminate malicious links related to cryptocurrency scams. Despite having security measures such as email and password protection, the breach occurred, underscoring the vulnerability of SMS-based verification systems.
Jae Chung reassured concerned parties that only the Manifold Trading Twitter account had been compromised, and no sensitive financial information was exposed. He also confirmed that efforts were underway to regain control of the affected accounts and restore their functionality.
Update from 2:30 AM ET:
We should be fine, posted a few more tweets about the situation as well.
Similarly, on December 21st, Farokh, the anonymous creator of Rug Radio, experienced a SIM swap attack. He promptly notified his followers that the compromised phone number was not linked to his Twitter account, easing concerns within the crypto community.
Understanding SIM-Swap Attacks
Everyone is getting sim swapped. It’s easily preventable by NOT using Verizon, ATT or any other normal carrier
There are literally ANTI SIM SWAP services set up that you can get service from. You can literally have Verizon service, while going through a middle man that protects…
A SIM-swap attack is a specific type of fraud where attackers gain control of a victim’s phone number. This grants them access to bank accounts, credit cards, and crypto-related accounts that rely solely on SMS verification. It allows the attacker to intercept critical security codes sent via text messages, compromising the victim’s digital assets.
Preventing SIM-Swap Attacks
Why do you not take your security seriously?
Your team is negligent for linking a phone number after all of the recent SIM swaps.
The crypto community must take proactive measures to protect against SIM-swap attacks. One effective strategy is to unlink two-factor authentication from mobile phone numbers. Instead, opting for authenticator apps like Google Authenticator provides an added layer of security.
Blockchain investigator ZachXBT has strongly recommended using authenticator apps or security keys over phone numbers. He warns that even pin-protected SIM cards can be “bypassed rather easily” by determined attackers.
Furthermore, it’s advisable to avoid relying on conventional carriers like Verizon or AT&T for mobile services, as attackers can manipulate them with a few convincing calls, resulting in a transfer of phone numbers to a different device.
The Escalating Threat
Over the past four months $13.3M+ has been stolen as a result of 54 SIM swaps targeting people in the crypto space.
When an account is compromised scammers attempt to create a sense of urgency with a fake claim to drain your assets.
The recent surge in SIM-swap attacks reflects a concerning trend, with attackers increasingly targeting crypto-related projects and users. In a disheartening statistic, at least 54 crypto community members fell prey to these attacks between May and August, resulting in losses exceeding $13.3 million.
In a notable incident from October, users of the social finance platform Friend.tech reported falling victim to SIM-swap exploits. One user, “Froggie.eth,” recounted how his Friend.tech account was accessed through a SIM swap, leading to the loss of over 20 Ether (ETH), valued at approximately $44,000 at the time.
Conclusion
As the crypto community faces a mounting threat from SIM-swap attacks, individuals and businesses must prioritise security measures that reduce vulnerability. With authenticator apps and security keys, crypto enthusiasts can fortify their defences against this growing menace, safeguarding their valuable digital assets during the holiday season and beyond.
