Protect Your Crypto: The Dangers of SIM Swap Attacks

Protect your crypto funds from SIM swap attacks. Learn about the risks, real-life cases, and essential security measures to safeguard your investments.

Crypto is cool and all, but damn it's getting risky out there. One of the biggest threats? SIM swap attacks. These things can wipe out your crypto funds in seconds, and if you think it can't happen to you, just wait.

What is a SIM Swap Attack?

So here's how it goes down: an attacker tricks your mobile carrier into switching your phone number to a new SIM card—one that they control. Suddenly, they have access to all your texts and calls, including those precious 2FA codes. With that access, they can log into your crypto accounts and drain them faster than you can say "decentralized."

Why You Should Care

These attacks are no joke. Just look at Michael Terpin, a well-known crypto investor who lost over $20 million due to one of these scams. The worst part? Once the money's gone, it's gone for good—crypto transactions are irreversible.

In 2021 alone, there were over 1,600 reported SIM swap incidents in the U.S., with losses totaling more than $68 million. And those are just the ones reported!

How to Protect Yourself

First off, ditch SMS-based 2FA. Use apps like Google Authenticator or even better—hardware wallets that keep your private keys offline.

Also consider this: request your mobile provider to make any changes to your SIM card require additional verification steps. Make it hard for attackers!

And for God's sake, limit the personal info you share online. Attackers love social engineering as much as we love altcoins.