Crypto SIM Swap Scams: Hackers Rake in $13 Million in Just 4 Months

The growing threat of crypto SIM swap scams is costing victims millions. ZachXBT shared that more than $13.3 million has been stolen in the past 4 months as a result of SIM swap scams. SIM swapping scams have now reportedly led to over $13.3 million in crypto thefts from 54 SIM swaps in just four months. These attacks have particularly been successful as hackers exploit vulnerabilities in mobile security to gain access to cryptocurrency accounts.

What is a Crypto SIM Swap Scam?

A SIM swap scam occurs when a criminal convinces your mobile provider to transfer your phone number to a SIM card they control. This allows them to intercept two-factor authentication (2FA) codes sent via SMS, granting them access to your online accounts, including cryptocurrency wallets and exchanges.

$13.3 Million Lost in 4 Months: The Alarming Statistics

The numbers paint a grim picture. SIM swapping scams have now reportedly led to over $13.3 million in crypto thefts from 54 SIM swaps in only 4 months. These attacks have particularly been successful since most victims are unaware of the security vulnerabilities. This rapid increase highlights the urgent need for heightened awareness and preventative measures.

Blockchain Capital Executive Becomes Crypto SIM Swap Scam Victim, Files Lawsuit

These scams aren't limited to individual investors. High-profile figures, like executives at Blockchain Capital, have also fallen victim to SIM swap attacks, highlighting the sophistication and pervasiveness of these criminal activities. The severity of these incidents has led to legal action, with victims seeking compensation for their losses.

FBI Warned of Crypto SIM Swap Scams Years Ago

The threat of SIM swapping is not new. In 2025, the FBI warned users about criminals swapping SIMs to steal money from crypto accounts. Despite these warnings, the problem persists, emphasizing the need for stronger security protocols and user education.

Protect Yourself from Crypto SIM Swap Scams

Here are some steps you can take to protect yourself from becoming a victim:

• Use Strong, Unique Passwords: Avoid reusing passwords across multiple accounts.
• Enable Two-Factor Authentication (2FA): Opt for authenticator apps (like Google Authenticator or Authy) instead of SMS-based 2FA whenever possible.
• Set Up Account PINs with Your Mobile Provider: This adds an extra layer of security, making it harder for criminals to transfer your number.
• Be Wary of Phishing Attempts: Never click on suspicious links or provide personal information to unsolicited requests.
• Monitor Your Accounts Regularly: Keep a close eye on your bank and crypto accounts for any unauthorized activity.

Stay Informed

Read more on Coin Edition about the latest developments in crypto security and how to protect yourself from emerging threats like SIM swapping.