Hackers Steal Crypto Holder’s BTC Through The Sim-Swap Attack

The digital asset space is currently under attack by malicious players who want to part with people’s crypto holdings. Hackers mainly took an interest in cryptocurrencies due to their structure, being decentralized, and would support anonymity. This anonymity would prevent authorities from tracing where the crypto went. The current sim-swap issue is a major source of concern to heavy crypto holders who are usually victims of these attacks.

Since late last year, the bad actors have devised a way to access wallets by pretending to be the sim owner. The hackers call phone services to ensure this swap, thereby getting access to crypto wallets and other sensitive information. The access would allow criminals to part with crypto holdings while maintaining secrecy.

Crypto holder loses 15 BTC to hackers

Unfortunately, the sim-swap attacks have not lessened, as they are continuously on the rise. Last year, there was some uproar on social media concerning the cybercriminal’s mode of operation. The criminals pretend to be from the victim’s wallet company, giving them access to their phone numbers.

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The scammers now call phone services, who swap sims, with the thought that he or she is the sim owner. Many incidences concerning the sim-swap have been successful, and this has made numerous wallets clarify that the strange emails requesting their numbers are not from them.

Recently, the hackers allegedly made away with 15 BTC, according to the victim who made this claim known. The crypto loss made the person sue his phone services called T-Mobile. The victim said that the phone carrier has been negligent by not preventing the recent attacks on numerous sims. Sources shared that the lawsuit’s documents showed that the person lost about 15 BTC, which is currently worth almost half of a million.

The victim explained that the legal action is because of T-Mobile’s continuous failures to prevent such incidents from occurring by ensuring top security for its sim holders and preventing access to the hackers’ information.

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The victim said the mobile carrier should not have given hackers access to the victim’s sims through a common, widely spread, and foreseeable attempt to get the information.

Victim explains his ordeal concerning the attack

The plaintiff explained some issues that led to the loss of his crypto holdings. The victim shared that the hacker messaged him on Telegram and pretended to be Brandon Buchanan, who is known to be a co-founder of an institutional firm.

The hackers had swapped Buchanan sim and thereby pretended to be the businessman. After accessing the victim’s sim, the hackers allegedly used it to part with Cheng, the victim’s Bitcoin holdings.

The criminals messaged Cheng while making him think that they were Buchanan, which resulted go the sale of his 15 Bitcoin that the cybercriminals fraudulently got.

Through the lawsuit documents, Cheng explained that the company had continuously failed to know the scam gimmick hackers use to access one’s information through the sim-swap. The claim said the carrier plays a significant role in the occurrence of such incidences but has refused to take the numerous attempts into cognizance.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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