Hacker admits it is very easy to steal half million dollar of cryptocurrency

20 May, 2019
by Fifi Arisandi
Security
Hacker admits it is very easy to steal half million dollar of cryptocurrency

In the complex cryptographic calculation of cryptocurrency, turns out it doesn’t take a genius to steal half a million dollars of it.

A hacker with an alias “Daniel” admitted to a crypto media how easy it is for him to get the aforementioned amount of money.

He found a simple way to get around the two-factor authentication, which is through the SIM swap method.

The simplicity of this scam has been known by lots of malicious people, which leads to tens of millions of dollars in crypto have been stolen using this method every year, as reported by Micky.com.

Despite the claim from the telecom provider that they have standard protocols to prevent such practice, Daniel revealed that there are always ways to convince the customer service staffs.

“For example, that you call and pretend to work at Tele2 (a Swedish telecom company) and ask them to help you forward a number. It does not take many calls before you have learned to pretend,” he said.

Once the number is redirected, he uses the ‘Forgot your password’ option in Gmail or Outlook to get the account credentials.

Daniel admitted that he doesn’t feel any guilty feelings since he never meets his victims, in fact, he put the blame to them for not using better security practices.

For sure, Daniel is not the only SIM swapper out there. According to a report by analytics firm, Cipher Trace, SIM swapping is one of the scam techniques that have become increasingly popular.

One of the simple ways to avoid such crime is by not using a mobile phone number for two-factor authentication, instead, use Google Authentication or Authy.

Lastly, it is always recommended for crypto investors to have hardware wallet to keep their funds off crypto exchanges.

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