SIM Swap attacks are well known to cybersecurity professionals. They allow an attacker to take control of the victim’s SIM card, enabling them to validate online payments or change the victim’s account passwords. This type of attack is widespread and has caused significant damage worldwide. Recently, in January 2024, the X account of the U.S. Securities and Exchange Commission (SEC) made announcements that rocked the cryptocurrency world. These revelations were actually published by attackers who successfully hacked the SEC’s X account using a SIM Swap attack. This attack also caused numerous financial damages. Bart Stephens, co-founder of crypto fund Blockchain Capital, accuses a hacker of using a SIM Swap attack to steal $6.3 million worth of cryptocurrencies such as Bitcoin, Ethereum, and others.
