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Being able to store funds digitally is convenient, but it can also make your money vulnerable to scammers and hackers. Unfortunately, hackers are constantly developing new methods for stealing crypto. A new type of attack called a SIM swap has even managed to fool crypto experts like Vitalik Buterin. What are SIM swap attacks, and how can you protect your crypto from this fraud method? Keep reading to learn more about how SIM swaps work.
Key Takeaways:
A SIM swap crypto attack is a hack in which a scammer copies a phone’s SIM card information, allowing the hacker to bypass two-factor authentication and gain access to crypto accounts.
Once a hacker has accessed an account via a SIM swap crypto attack, they can easily steal crypto or other assets.
Some notable recent SIM swap crypto incidents include the Vitalik Buterin X/Twitter SIM swap attack, as well as the friend.tech SIM swap controversy.
A SIM swap crypto attack is a hack in which a scammer copies a phone's SIM card information. This allows the hacker to bypass two-factor authentication and gain access to crypto accounts. Once the hacker has accessed an account, they can easily steal crypto or other assets.