SIM Swapping a Growing Threat for Crypto Owners By Cryptovest

SIM Swapping a Growing Threat for Crypto Owners

Cryptocurrency owners are facing a growing threat through SIM swap attacks. The chief security officer at Kraken, Nicholas J. Percoco, warned that the attacks were becoming a trend, especially threatening for US-based customers.

In a long thread, he explained that efforts to steal identities and exploit accounts has accelerated and may be the work of an organized group:

Usually, exchange users will resort to 2FA using SMS, meaning control over the SIM card would allow anyone to access the funds. An account without 2FA is also vulnerable, so Percoco advises the use of non-SMS based 2FA.

SIM swapping was note…

This article appeared first on Cryptovest

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