Over 765K worth of NFTs stolen after SIM swap attack on GutterCatGang

Published: 2023-07-08


1. NFTs Stolen After SIM Swap Attack on Guttercatgang - In a recent incident,over $765k worth of non-fungible tokens (NFTs) were stolen following a SIM swap attack on the Guttercatgang project. - The attack involved hackers gaining access to the phone number associated with the victim's crypto wallet account by tricking the telecom company into transferring the number to a new SIM card. - Once they gained control of the victim's phone number,the attackers then reset the victim's password and transferred the valuable NFTs to their own wallets.

2. SIM Swap Attacks on the Rise - SIM swap attacks have become increasingly prevalent in the crypto space,as they provide a way for hackers to gain unauthorized access to users' accounts. - These attacks exploit a vulnerability in the telecom system,allowing hackers to transfer a victim's phone number to a new SIM card under their control. - Once in control of the victim's phone number,hackers can bypass two-factor authentication (2FA) measures and gain access to various online accounts,including crypto wallets.

3. Measures to Protect Against SIM Swap Attacks - To protect against SIM swap attacks,crypto users are advised to enable additional security measures,such as using hardware wallets and authenticator apps instead of relying solely on SMS-based 2FA. - It is crucial to be cautious about sharing personal information online and to avoid using easily guessable security questions or passwords. - Furthermore,users should frequently monitor their mobile network connectivity and contact their telecom provider immediately if they suspect any unusual activity or loss of service.


Reference: cointelegraph.com