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Author Topic: [2018-08-01] SIM Hijackers Steal Over $5 Million in Bitcoin in First Reported  (Read 22 times)
BitcoinArsenal
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August 01, 2018, 12:34:36 PM
 #1

A 20-year old college student from Boston, Massachusetts was arrested in California earlier this month on charges of being part of a gang that hacked cellphone numbers before stealing over US$5 million in bitcoin and other cryptocurrencies.
Full article on CCN
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Kemarit
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August 01, 2018, 12:47:43 PM
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Damn, those criminals are really very intelligent and always one step of the game. They are really very capable of stealing from us. As reported they hijacked SIM and then used it to their advantage and reset everything to have full control of your accounts (email passwords and other online identity).

From the article:

Quote
The cryptocurrency exchanges that Ortiz allegedly used were Binance, Bittrex and Coinbase and from these investigators obtained information showing that the Bostonian had moved cryptocurrencies worth over US$1 million.

I think this scheme is not new, however, I think Telecom company should also be tightened their security before giving away any information or even transfer the old number to new a new number that the hackers/criminals have total control of.

bob_rushford
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August 01, 2018, 02:51:33 PM
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Why is news of hacking surmounting this crypto sphere. It is high we talk about security in this sytem.
buwaytress
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August 01, 2018, 02:55:51 PM
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Damn, those criminals are really very intelligent and always one step of the game. They are really very capable of stealing from us. As reported they hijacked SIM and then used it to their advantage and reset everything to have full control of your accounts (email passwords and other online identity).

From the article:

Quote
The cryptocurrency exchanges that Ortiz allegedly used were Binance, Bittrex and Coinbase and from these investigators obtained information showing that the Bostonian had moved cryptocurrencies worth over US$1 million.

I think this scheme is not new, however, I think Telecom company should also be tightened their security before giving away any information or even transfer the old number to new a new number that the hackers/criminals have total control of.

I guess this means the guy was able to hijack and then clone the SIMs, effectively logging in with 2FA enabled. Nicely done, if the person really did it. And maybe yet another timely reminder not to store any currency on exchanges... or sensitive information on devices you know are constantly connected. What's strange is how we haven't heard of this before? Or were users just unaware of how their accounts were compromised?

Why is news of hacking surmounting this crypto sphere. It is high we talk about security in this sytem.

Bitcoin's cryptography is math. The math is secure. Just the behaviours of people and how they open up vulnerabilities to their access is what's happening.

Kprawn
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August 01, 2018, 03:06:25 PM
 #5

Sim swaps are not unique to Crypto currencies. It is a well known fact that syndicates working inside Banks and mobile network

providers are doing Sim swaps to access people's online Banking. The Banks are forcing customers/victims to pay a non-disclosure,

before they settle to pay for their losses. So you do not hear a lot about that, because it is being hidden from the public. This type

of exploit is more common than what most people would think.  Roll Eyes

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