Stop Linking Your 2FA’s to Your Mobile Number: Expert Warns
Rise in SIM-swap attacks hits the crypto community, targeting figures like Manifold's founder and Rug Radio's Farokh, risking their online security.
There’s been a rise in reports of sim swap attacks as the holidays draw near, targeting crypto figures like Manifold Trading’s founder and Rug Radio's Farokh, these hackers were able to log in to their X (formerly Twitter) accounts, where they posted suspicious links.
Manifold Trading's official X account and founder Jae Chung fell victim to this attack On December 22, losing control of their X account. The founder, Chung confirmed the hack was due to a SIM swap, compromising only his and Manifold’s Twitter account. He explained that all fund-sensitive information was secure.
Another victim was Farokh, founder of Rug Radio; he experienced a similar attack on December 21 but had no linked phone number to his Twitter, which helped minimize the impact. Rug Radio recently merged with Decrypt, a crypto publication.
A SIM-swap hack is a trick used by hackers and bad actors to gain control of someone's phone number, allowing them to access various accounts. This hack works more effectively on those relying on SMS verification. These attacks are increasingly targeting crypto-related figures and projects.
A blockchain expert, ZachXBT has advised that To prevent SIM-swap attacks, one should avoid linking two-factor authentication to a mobile number. Use apps like Google Authenticator for better security,
These attacks are real-life proof of the vulnerability of the crypto world. For example, in October, Friend-tech users reported massive losses caused by SIM-swap hacks. One user, "Froggie. eth," lost over 20 Ether (about $44,000) due to this hack.
