Comment
Given my paranoia, it’s hard to imagine people protecting their crypto accounts with SIM 2FA. Hardware keys are cheap comparing to the assets you are trying to protect?
Summary
Three Americans have been charged with the theft of over $400 million in a SIM-swapping attack in November 2022, which likely targeted the now-defunct cryptocurrency exchange FTX. The indictment reveals Robert Powell as the alleged ringleader of the “Powell SIM Swapping Crew,” with Emily Hernandez and Carter Rohn implicated as accomplices. During the attack, the perpetrators transferred a victim’s phone number to their device, intercepting authentication messages and resetting passwords. The stolen funds were traced to Russian-linked criminal groups. The defendants await further legal proceedings, while the investigation involves entities like the FBI and Kroll, a consulting firm handling FTX’s bankruptcy claims.
Given my paranoia, it’s hard to imagine people protecting their crypto accounts with SIM 2FA. Hardware keys are cheap comparing to the assets you are trying to protect?
FTX’s accounting was done in a spreadsheet that included an entry titled “Hidden poorly labeled internal @fiat account”
There is no limit to the depths of their incompetence.
Then again, people need to learn not to keep their money on exchanges. That is a very poor security practice.