Crypto

Another Coinbase User Falls Victim to a SIM Swap Attack

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.

Related Post

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. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Web3Bay Takes E-commerce Further with Decentralized Innovation

Analysts Place Web3Bay at the Leading Edge of Web3 Development Over Chainlink & Polkadot  The…

21 mins ago

Top Cryptos to Invest in Right Now: Qubetics’ 563% ROI Potential, Ethereum’s Surge, and Solana’s Long-Term Strength

Top Cryptos to Invest in Right Now: Qubetics’ 563% ROI Potential, Ethereum’s Surge, and Solana’s…

27 mins ago

Will RLUSD Launch Send XRP Past $3? 5 Best Crypto Presales to Buy for 2025

The cryptocurrency market has been storming the world as a revolutionary form of digital assets…

1 hour ago

Ethena Teeters Down Expectations While DTX Makes Traders Millions Amid XRP Crash

The recent crypto market crash has had various tokens scrambling to retain their value, with…

2 hours ago

Plus Wallet Dominates with Infinite Rewards; MetaMask & Deus Wallet Shake Things Up

Earn USDT on Every Trade with Plus Wallet – What MetaMask & Deus Wallet’s Updates…

3 hours ago

The 6 Top New Meme Coins to Invest in for Long Term with the BTFD Big50 Discount Offer

The meme coin market has been buzzing with excitement lately, hasn’t it? The wider crypto…

5 hours ago