In the week leading up to Christmas, there has been a notable increase in SIM-swap attacks, particularly targeting prominent figures in the cryptocurrency community. Founders of Manifold Trading, Rug Radio, and other crypto influencers have been recent victims, with some losing access to their accounts on X (previously known as Twitter).
On December 22, a SIM-swap hacker gained control of Manifold Trading’s official X account and that of its founding partner, Jae Chung. The attacker posted malicious links leading to crypto drainers. Despite the account being secured with an email address and password, Chung confirmed to Cointelegraph that the breach was a result of a SIM-swap attack. He clarified that only his and Manifold’s Twitter accounts were compromised, and all fund-sensitive information remained secure. Measures are being taken to recover the accounts and restore their normal functionality.
A day earlier, 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 connected to his Twitter account. Rug Radio had recently announced a merger with crypto publication Decrypt on December 10.
A SIM-swap hack is a type of fraud where attackers hijack a victim’s phone number, gaining access to sensitive accounts, including bank, credit card, and crypto accounts that rely on SMS verification.
To prevent SIM-swap attacks, it’s advised to use two-factor authentication methods not linked to a mobile number. In an August 23 post on X, blockchain investigator ZachXBT recommended using an authenticator app like Google Authenticator, which mitigates the risk of telecommunication data theft. He noted that in the four months before August, hackers had stolen over $13.3 million from 54 high-profile individuals.
This recent wave of attacks underscores the increasing focus of cybercriminals on the crypto sector.
On October 4, several users of the social finance platform Friend.tech reported falling victim to SIM-swap exploits. One user, “froggie.eth,” shared that attackers accessed their Friend.tech account via a SIM swap, subsequently draining over 20 Ether (ETH), valued at approximately $44,000 at the time.
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