Users Lose $385K in ETH in SIM-Swap Attack

Scammer steals $385,000 in Ethereum via SIM-swap attacks on users, raising concerns of $20 million at risk & 2FA recommended for security. Users Lose $385K in ETH in SIM-Swap Attack Users Lose $385K in ETH in SIM-Swap Attack

As part of a string of SIM-swap assaults that predominantly target users of, one con artist is said to have stolen about $385,000 worth of Ethereum (ETH) in less than a day.

On October 5, a blockchain investigator by the name of ZachXBT disclosed that the same con artist had been able to steal 234 ETH in the previous day by conducting SIM-swapping attacks on four different members.

All of these thefts were linked to the same hacker who had emptied the accounts of these four victims, according to the on-chain movement of cryptocurrency assets on the blockchain.

On the platform X, a user by the name of “KingMgugga” reported that they were undergoing an attack right away. They tweeted that a SIM-swap attack was now taking place and pleaded for immediate help.

Likewise, “holycryptoroni,” another member on X, confirmed that they had also been the target of a similar attack and expressed regret by adding, “I got swapped, sorry.”

Four more users have come forward this week to say that SIM-swap or phishing assaults have compromised their accounts. These occurrences added up to the theft of about 109 ETH from these people overall.

People can purchase “keys” from to enter exclusive chat rooms with particular people.

The SIM-swap fraud occurs when thieves seize control of a victim’s phone number and use it to access their cryptocurrencies and social media accounts.

Out of the $50 million that investors have invested in, according to Manifold Trading, which creates the platform’s tools, just $20 million may be at risk from this scam.

They advise to use two-factor authentication (2FA) in order to make its accounts more secure.

Read Also: Exceeds $50M TVL, Revenue Hits 10,000 ETH

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