As the holiday season approaches, there is a concerning uptick in SIM-swap attacks, with notable figures in the crypto community falling victim to these security breaches.
Among those targeted are Jae Chung, the founder of Manifold Trading, and Farokh, the founder of Rug Radio. The attacks resulted in unauthorized access to their X (formerly Twitter) accounts, where suspicious links were posted.
Jae Chung and Manifold Trading’s official X account experienced a SIM-swap attack on December 22, leading to the compromise of their X account.
Chung clarified that the breach was limited to their Twitter accounts, with all fund-sensitive information remaining secure. Similarly, Farokh, founder of Rug Radio, encountered a SIM-swap attack on December 21.
Fortunately, his Twitter account had no linked phone number, minimizing the impact of the breach. Notably, Rug Radio recently merged with Decrypt, a prominent crypto publication.
A SIM-swap attack involves hackers gaining control of an individual’s phone number, allowing unauthorized access to various accounts, particularly those relying on SMS verification.
The crypto community is increasingly becoming a target for such attacks, putting the online security of projects and figures at risk.
Blockchain expert ZachXBT advises individuals to take precautions against SIM-swap attacks by avoiding linking two-factor authentication to a mobile number. Instead, he recommends using more secure methods, such as Google Authenticator, to enhance security measures.
These recent attacks serve as real-life examples, highlighting the vulnerabilities within the crypto world. In October, users of the Friend-tech platform reported significant losses resulting from SIM-swap hacks.
For instance, a user named “Froggie.eth” suffered a loss of over 20 Ether, equivalent to approximately $44,000, due to a SIM-swap attack.
