SIM swap attacks rampant, causing nearly $50 million in crypto asset losses

According to FBI statistics, there were over a thousand SIM swap attacks in 2023, resulting in nearly $50 million in losses. Scammers impersonate the phone owner to trick mobile carriers into swapping SIM cards, intercepting SMS verification codes to steal funds from crypto wallets. Notable cases include Iterative Capital co-founder Brandon Buchanan, who lost $450,000 worth of Bitcoin to such a scam. Experts recommend using app-based authenticators instead of SMS for two-factor authentication. High-risk users should set up a dedicated phone number for two-factor authentication and use different email addresses to register for various services. Institutions can adopt multi-signature wallets and blockchain risk control tools (such as Crystal Intelligence) to monitor transactions in real time and intercept anomalies, reducing the risk of asset theft.