Chinese citizen loses $45 million worth BTC and BCH in a Sim Swap attack

A Chinese citizen lost $45 million worth bitcoin and bitcoin cash in a sim swap attack today. The victim reportedly sought help from the top BCH miners to reverse the transactions.

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Chinese citizen Zhoujianfu posted on Reddit that he had been a victim of a sim swap attack and lost $30 million worth BCH and $15 million worth BTC. The Chinese whale sought help from BCH miners to reverse the transactions at three confirmations. If you are a crypto trader or a crypto enthusiast, it is advised to use platforms like Cryptopanic to keep up to date with the crypto industry. 

 

The hackers reportedly split up the coins 

Dovey Wan, Founding Partner at Primitive Crypto, tweeted that the hacker might be attempting to split the coins and enter into the mixer soon. To pull off a sim swap attack, a hacker needs to gain control of the victim’s phone number and then transfer the service to the new number, which gives the hacker the power to log into accounts of the victim. 

 

Increase in the number of sim swap attacks

Over the last few years, there has been an increase in such attacks. Earlier, a New York teenager was accused of stealing $1 million in cryptocurrencies via sim swapping in five months. Twitter CEO Jack Dorsey, Preety Kesireddy, and many Bitcoiners have been targets of such attacks over the last few years. Bittrex is currently facing a lawsuit from one of its clients, Gregg Bennett, who claims that Bittrex did not take proper measures to prevent the sim swap attack that cost him $1 million. 

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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