Your SIM card could risk your bitcoin.

[Swift_tr]

How can this be possible? This has never occurred to me that my SIM can be used to gain access to my bitcoin wallet. Reading this topic took my mind back to a decentralised wallet I used in the past that always requested OTP whenever I logged in. This is a really important information and should see it as such. Thinking deeper about this, I don't seem to remember any decentralised wallet that didn't require a phone number for SMS verification during your sign up process.

[PremiumcryptoHub]

The essence of two-factor authentication is to avoid scams of this nature. Any Bitcoin user who isn't using 2FA, in Nigeria or elsewhere, lacks wisdom. Using 2FA is common sense. We are not supposed to be told to bind phone numbers, email, and Google Authenticator before any transaction can be done on an exchange account.

In summary, before a scammer attempts to log in to an exchange, the owner is supposed to be notified through email. Most times facial verification is also required when trying to access an account from a different location and device.

Bitcoins and Cryptocurrencies can also be stolen through sim cards but I think the main solution to this problem is to use hardware wallets. If you add your phone number to a crypto-currency exchange, fraudsters may steal bitcoins through a SIM swap attack through a SIM card.

Basically the way hackers can take our holding bitcoins through this attack are, 1) number clone or transfer,2) OTP theft and 3) Two factor authentication bypass. Actually it seems to me solving this requires every investor to turn off SMS based 2FA and use hardware wallets to securely store bitcoin holdings.

[Tetu100]

If a scammer successfully swaps your phone number to another SIM card there is no way you will receive a notification from your exchange via your phone number if they attempt to access your account.

Swapping a phone number to another Sim card you say? Please can you throw more light on what you mean by that, because I'm not getting it. Or do you mean diverting calls or messages from a particular line to another? I don't know if this is what you actually mean.

So, the essence of swapping your phone number to another SIM card is to block your phone from receiving a message when your account is being accessed by another device that has never been used by you to login into your account.

Is not even right bidding you exchange notifications to our Sim card. However, having it on our Gmail account is way better and saver. Personally, my Sim card has no business or whatsoever to do with my exchange, everything is connected to my Gmail and its 2FA is well activated.