Cryptocurrency users around the globe face many different threats. SIM Swaps are perhaps the worst type of attack, yet they continue to occur on a regular basis.
Anyone keeping bitcoin or altcoins on an exchange would be better off using a hardware wallet of some sorts.
Another SIM Swap Story Pops up
Users who rely on exchanges or online wallets are more prone to get targeted by a SIM swap attack.
On Reddit, a new post has surfaced documenting such an incident.
The Coinbase user in question had his account drained once criminals managed to bypass his two-factor authentication security.
It does not take too long for criminals to steal one’s mobile phone number either.
In a span of a few minutes one can go from losing access to their phone number to having their exchange account drained.
With a 2FA bypass in hand, criminals can easily bypass account security, reset passwords, and even change email addresses without any recourse.
This appears to be something that affects Coinbase users on a regular basis.
That is one of the most popular cryptocurrency trading platforms, after all.
It is also one of the more convenient solutions to store cryptocurrency, creating a very viable target for criminals.
Anyone expecting such companies to do something about the stolen funds are sorely mistaken.
Once funds leaves an account, there is nothing these companies can do to get it back.