The crypto community is facing a growing threat from SIM-swap attacks, with recent incidents targeting prominent figures like the founders of Manifold Trading and Rug Radio. These attacks, which have surged in the week leading to Christmas, involve hackers taking over victims' phone numbers to gain access to sensitive accounts. On December 22, Manifold Trading's official account and its founding partner Jae Chung fell victim to such an attack, leading to the posting of malicious links. Chung assured that fund-sensitive information remained secure, despite the breach.
Rug Radio's pseudonymous founder, Farokh, also experienced a SIM-swap attack on December 21. However, he confirmed that his phone number was not linked to his Twitter account, mitigating potential damage. This incident came shortly after Rug Radio's announcement of a merger with the crypto publication Decrypt on December 10.
SIM-swap fraud poses a significant risk as it gives attackers control over victims' bank, credit card, and crypto accounts that rely solely on SMS verification. Experts recommend using authenticator apps like Google Authenticator to reduce vulnerability. Blockchain expert ZachXBT highlighted that over $13.3 million was stolen from 54 high-profile individuals in the crypto space over four months due to SIM-swap attacks. These trends underscore the increasing focus of attackers on the crypto community.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
