$13.3M Is Stolen as a Result of SIM Swap Scams, ZachXBT Claimed

Published 24/08/2023, 09:13
$13.3M Is Stolen as a Result of SIM Swap Scams, ZachXBT Claimed

  • ZachXBT shared that more than $13.3 million has been stolen in the past four months as a result of 54 SIM swap scams.
  • Most of the victims of these scams were Americans.
  • John Deaton addressed the issue and how these scams could be very believable.

ZachXBT, an on-chain detective, shared that over the past four months, more than $13.3 million has been stolen as a result of 54 SIM swaps targeting crypto holders. John Deaton, a crypto lawyer and founder of Crypto Law, replied to ZachXBT’s tweet, addressing the seriousness of the issue and mentioning how these hackers could come off as “very sophisticated.”

Furthermore, ZachXBT added that when an account is compromised, scammers attempt to create a sense of urgency with a fake claim to drain users’ assets. The blockchain enthusiast warned against using SMS two-factor authentication (2FA) and instead use an authenticator application or security key to secure accounts.

ZachXBT, the investigator who uncovered many crypto scams, answered the public’s questions about the patterns of these 54 SIM swaps. He mentioned that the majority of the victims are residing in the U.S., and common mobile carriers were T-Mobile, Verizon, and AT&T.

Deaton was a target for a SIM swap attack back in March. He shared on X on March 13, 2023, that his account on Uphold, a digital wallet and trading platform, was frozen. According to Deaton, the attacker called him after sending an email asking for verification. The attacker claimed to be from “Uphold Verification.”

The attacker explained that Deaton has to update his information so that Uphold can remain in compliance with anti-money laundering laws. According to Deaton, the attacker seemed sophisticated, and people could easily get fooled by this type of scam.

SIM swap attackers mainly impersonate victims, obtaining their phone numbers and mobile carriers. The FBI explained the process and how the criminals “socially engineer” the customer service representative of the mobile carrier to connect the victim’s phone number to a SIM card in their possession. After that, criminals have access to all texts and authentication codes they need to hack into a victim’s bank account or crypto wallet.

The post $13.3M Is Stolen as a Result of SIM Swap Scams, ZachXBT Claimed appeared first on Coin Edition.

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