SPECIAL REPORT: Sophisticated SIM Swap Scams Target Crypto Investors
NEW YORK CITY — December 12, 2025, 4:03 AM EST
Law enforcement agencies globally have recently dismantled several major criminal networks executing highly complex SIM swap scams.
These sophisticated operations specifically target wealthy, high-net-worth individuals to illicitly gain access to their digital asset accounts, emphasizing a critical and escalating security vulnerability for private crypto investors.
SIM swapping involves criminals deceiving a mobile carrier into transferring a victim's phone number to a new SIM card under the scammer's control. $UNI
Once the phone number is hijacked, the attackers bypass crucial two-factor authentication (2FA) and recovery prompts tied to bank accounts, email, and, most critically, cryptocurrency exchange accounts. This access allows them to swiftly drain the victim's digital wallets. $TRX
The success of these intricate scams highlights that even substantial capital can be compromised by fundamental telecommunications security weaknesses. This serves as a potent reminder that investors must prioritize stronger, non-SMS-based security measures, such as hardware security keys (e.g., YubiKey) and authenticator apps (e.g., Google Authenticator), over relying solely on phone numbers for account recovery.
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