In the crypto world, vigilance is crucial, yet even the best precautions can fail against new threats. A recent incident involved a crypto investor whose phone went dark during a flight, leading to the draining of his wallet. Scammers executed a SIM swap, hijacking his phone number to access his crypto exchange account. This method has become increasingly common, exploiting victims by bypassing two-factor authentication (2FA). In 2023, the FBI reported nearly $50 million lost to such scams. Attackers gather personal information to impersonate victims and request a phone number transfer from mobile carriers. Once successful, they intercept calls and messages, including 2FA codes. High-profile cases, like that of Brandon Buchanan, highlight the risks, with scammers impersonating him to steal $450,000 in Bitcoin. To combat these threats, individuals should use app-based authenticators, maintain separate phone numbers for 2FA, and conduct regular risk assessments. Institutions can enhance security with multisignature wallets and robust monitoring systems, ensuring a safer crypto environment. Read more AI-generated news on: https://app.chaingpt.org/news

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