Decoding FTX mysteries: how simple sim-swap led to a $400M theft
0
0
The news that the FTX attack was not an intricate scheme but a mere sim-swap attack was among the most eye-catching revelations in the crypto market this week. Documents show three individuals orchestrated a simple sim-swap to access victim’s financial accounts.
The hack, which saw the crypto exchange losing more than $400 million, happened in November 2022, when FTX was dealing with bankruptcy issues.
Understanding sim-swap schemes
The attackers used a swim-swap procedure to dupe phone service providers into switching the Subscriber Identity Module (SIM) into a phone that the conspiracy members had.
That allowed the fraudsters to bypass security features, accessing the victim’s financial accounts.
Three indicted in FTX $400M hack
The authorities have accused Robert Powell, Emily Hernandez, and Carter Rohn of years-long phone fraud. The trio stole the identities of 50 individuals and convinced mobile phone providers to swap the victim’s contact information.
The most notable attack happened on November 11, 2022, when the perpetrators scammed an unidentified firm over $400 million. The indictment papers didn’t mention FTX, but details of the hack matched what the public know about FTX theft.
The post Decoding FTX mysteries: how simple sim-swap led to a $400M theft appeared first on Invezz
0
0
Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio you’re using to start.