It became known that in a complex crypto-space there is no need to be a genius to steal half a million dollars.
A hacker with a "Daniel" pseudonym confessed to crypto-media how easy it is for him to get the above amount of money. He found an easy way to bypass two-factor authentication, which is the method of replacing a SIM card.
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The simplicity of this fraud is known to many intruders, which leads to the fact that using this method they steal tens of millions of dollars every year.
Despite the statement by the telecommunications provider that they have standard protocols to prevent such practices, Daniel found that there are always ways to convince customer support staff.
"For example, you call and pretend that you work at Tele2 (a Swedish telecommunications company) and ask them to help you redirect the number. It does not take long before you learn to pretend", he said.
Once the number is redirected, it uses the "Forgot your password" option in Gmail or Outlook to retrieve your account information. Daniel admitted that he does not feel guilty because he never meets his victims personally and in fact he blames them for not applying more advanced security measures.
Of course, Daniel is not the only SIM replacement. According to the report of the Cipher Trace analytical company, the substitution of a SIM-card is one of the methods of fraud, which are becoming increasingly popular.
Hacker confessed – to steal half a million dollars of cryptocurrency is very easy. One simple way to avoid such a crime is not to use a mobile phone number for two-factor authentication, instead, use Google Authentication or Authy.
Finally, crypto-investors are always advised to have a hardware wallet to keep their funds out of the crypto-exchanges.
Editor: Yuliya Soroka