Losing funds is not uncommon in the cryptocurrency space. This is primarily due to the ongoing rise in SIM swapping attacks.
Several users have fallen victim to a SIM swap in recent years.
BCH SIM Swap Story Seems Questionable
It has proven to be a very effective method for criminals to exploit.
One user claims to have lost over $45 million in holdings not that long ago.
Of this funds, two-thirds was kept in Bitcoin Cash, whereas the remainder is in Bitcoin.
Keeping such vast amounts on an exchange is asking for trouble.
Criminals can monitor public blockchains with ease, as can everyone else.
Those who have big holdings tend to flaunt their portfolio on social media, making them a perfect target for a SIM swap.
The affected user first tried to receive support from BCH miners to ensure the funds did not leave his account.
When that attempt failed – for obvious reasons – nothing was heard from the alleged victim.
It seems plausible to assume that this user will never see his money again, primarily due to not taking the necessary security precautions.
There are also those who doubt this story is even legitimate, as no exchange has corroborated this incident so far.
Not too surprisingly, neither the BCH nor BTC price has moved all that much, further indicating that this may very well be another hoax.