The crypto industry is always subject to different kinds of security threats, with hackers and scammers developing new methods every now and then. As crypto adoption grows, so do the threats facing digital asset owners.
While recent data have shown that crypto hacks regarding Web3 and DeFi platforms have been falling in the first half of 2023, a hack method that’s gained ground is SIM swap attacks. According to on-chain sleuth ZachXBT, the amount that has been stolen from SIM swap attacks in the past four months has crossed into 8-digit territory.
The Rising Threat Of SIM Swapping For Crypto Owners
The crypto on-chain investigator took to social media platform X (formerly known as Twitter), to share details on how much crypto has been lost to SIM swap attacks in recent months. SIM swapping scams have now reportedly led to over $13.3 million in crypto thefts from 54 SIM swaps in just four months.
These attacks have…
