Hacker Stole More Than 5 Million Dollars In Cryptocurrency Using SIM Hacking

Cryptocurrencies have no doubt escalated for some to be their personal banks, with the convenience that this fact offers. But as convenient as it can be, cryptocurrencies are often targeted by hackers and attackers because their security often depends on human factors, as this story tells us. According to an article published by Motherboard, a hacker allegedly stole more than 5 million dollars in cryptocurrency by targeting none other than known cryptocurrency investors and users by using a technique called SIM hacking.
SIM hacking is a form of duplicating the info of your sim card and copying it to another sim card, a thing that lets the attacker get your phone calls and messages. This is a very useful tool for hackers because most online security 2-way confirmation methods use SMS messages as tools to confirm your ID. But to do this, the attacker must have an insider on the telecom company to aid him with this task. It turns out that Joel Ortiz, the 20-year-old had unnamed accomplices that got him the sim cards.
But Ortiz was also into social hijacking and also into identity theft. For his latest hustle, he picked up cryptocurrency investors and users. And he knew that they were cryptocurrency enthusiasts because he picked them up by seeing them in the popular Consensus conference, one of the most important cryptocurrency meetings that happened earlier this year.
So with the use of the of the said technique and with social intelligence, the hacker managed to get the accounts of the victims in popular exchanges like Coinbase and drain them of all their funds, thanks to having the opportunity of cracking the 2-factor authentication key by receiving the message on the sim hacked phone.
Happily, the hacker was arrested in an airport going to Europe and is now awaiting trial for his wrongdoings. Another take that tells us that security is of utmost importance when dealing with cryptocurrencies and exchanges.

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