Hacking incidents are now becoming a common occurrence in the crypto domain. As technology gets better, so does its vulnerabilities. Among various kinds of cracking methods, SIM swap hacking is the new modus operandi of the hackers. Most recently, engineering manager for BitGo, Sean Coonce lost around $100,000 value of Bitcoins in a similar attack. The fund has been stolen from his account on the Coinbase exchange. The SIM swapping hacking case is nothing new. Recently, a US investor won a lawsuit against a perpetrator regarding SIM swap hack.
Sean admits that his security mechanisms were lax and he asked for the hacking. He suggests using a hardware wallet to safe keep the crypto fund. Also, he suggests using YubiKey for safeguarding the 2FA codes. One may also use Google Voice 2FA as an alternative for YubiKey. The GoBit manager also suggests using a password manager and reduce sharing personal info online.
Basically, in SIM Swap hacking, the miscreant requests the tele-carrier to redirect the info of a mobile number to their own device. They pose as the owner of the number. Then using their own machine they obtain 2FA codes and get access to the victim’s account.