Tuesday, August 16, 2022

A Canadian teen arrested for stealing $36 million in cryptocurrency via SIM swap attack

Two-factor authentication has typically regarded as a more secure alternative to traditional password logins. Or as a way to improve the security of traditional password logins. Due to the premise that no one else has access to your phone, where you would receive the one-time activation code required to log into an account or validate an action, this is necessary. A Canadian teen arrested for stealing $36 million in cryptocurrency via SIM swap attack.

However, it is not always effective. Because, as previously said, if an attacker has access to your phone or phone number. He or she can easily intercept the code. This is exactly what a group of Canadian teenagers accomplished when they used a SIM swap attack. They used to deceive a wireless carrier into granting them access to the victim’s cell phone number. And also other personal information.

Essentially, this is the process by which you request that your carrier give you a replacement SIM card for whatever reason you may have. Carriers typically require you to authenticate your identity through a series of questions. Which indicates that the adolescent had access to this information. The adolescent was successful in intercepting two-factor authentication codes and logging into the victim’s cryptocurrency account. And from that account he was able to steal $36 million in cryptocurrencies.

Following the discovery that the stolen cryptocurrency has used to purchase an online username that has regarded unusual in the gaming world. Due to this police were able to identify and apprehend the youngster, resulting in their arrest.

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