Co-Founder and Managing Partner of Crypto Fund Blockchain Capital Lost $6.3M in Crypto Due to SIM Swap

The scammer used Stephens’ personal information available online to bypass the network operator’s security checks and change his account passwords. He then transferred Bart’s mobile number to the new device’s SIM card.

The hacker used the phone number to reset passwords and pass two-factor authentication on several Stevens cryptocurrency wallets, gaining full access to them.

SIM spoofing attacks are usually based on manipulation by hackers or “social engineering”, tricking network customer service operators into revealing personal information about the victim. The hacker then uses this information to pass the security tests required to port the victim’s phone number to a new SIM card and phone under their control.