A New Method Became a Nightmare for Crypto Money Traders!

A New Method Became a Nightmare for Crypto Money Traders!

As the price of crypto currencies rises, so do the number and methods of scammers targeting crypto currency investors or exchanges. One of the most popular methods of recent times is the so-called SIM swap, which basically involves copying SIM cards. Nicholas J. Percoco, the senior manager in charge of security at the Kraken crypto exchange, said in a statement that the US-based users should be careful with the SIM copying process and warned everyone:

ATTN: There is an organized crime group actively targeting members of the #cryptocurrency industry. You MUST remove mobile phone numbers from your personal email, work email & exchange / bank account recovery processes NOW! 1 / #crypto #bitcoin pic.twitter.com/icBSmi3bTh

- Nicholas J. Percoco (@ c7five) June 8, 2019

In fact, the method has been known since the beginning of 2018, when the SIM copying process has made great accents. The method basically aims to copy your SIM card by tricking your phone operator and accessing your account through the SMS method of exchanges.

The best way to protect yourself against this attack is to use 2FA and not to trade on stock exchanges without the 2FA method.

Squanch, one of the leading figures in the crypto currency industry, also shared a very detailed series of tweets on the subject and pointed out that investors should be careful.

SW SIM SWAPPING / JACKING ”is a hacker who has tricked your phone operator into getting a copy of your sim card in recent months.

I wanted to warn you before it happened to us.