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In 2018, crypto investor Michael Terpin was hacked through a SIM swap attack.

He lost around $24 million and sued AT&T, but the judge sided with the company.

A SIM swap attack happens when hackers take over your phone number to access your crypto or personal info. They gather your data, pretend to be you to your phone carrier, and switch your number to a new SIM card they control.

#Bitcoin #BTC #Cryptocurrency #Crypto #Nostr

https://cointelegraph.com/learn/what-is-a-sim-swap-attack

StellarStoic 1y ago

SIM swaps are in majority of incidents connected to US carriers. A few huge lawsuits can and should change the course how American carriers treat ID verifications.

In this case crazy EU bureaucracy wins over US liberalism.

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Discussion

BitcoinEagle.dev 1y ago

More SIM swaps would increase security. Anyone who uses phone number for security is an idiot

Diacone Frost 1y ago

Can't even imagine how to use a phone number as a security measure 🤔

BitcoinEagle.dev 1y ago

Banks send me sms confirmation numbers all the time. It's often impossible to pay online without SMS