Cryptocurrency is still in its nascent phase, as a result, there are issues that this sector has had to phase and is still facing. It is for all these reasons that it becomes essential for the people belonging to this sector to put in more efforts to stay clear of the scams. According to the latest reports, the hackers are now using the mobile numbers to get to the crypto investors in the market. There is a procedure that is employed by these cons, in which they use a process called, “swapping of sim” to gain access to important details and thus steal cryptocurrency of immense value.
The whole procedure will take place in the following manner, the message that is used to access the account, that is, the message informing the person on the other end about the password. However, because of the procedure of sim-swapping, it gets easier for the criminal to get access to this password. A major setback of these crimes in cryptocurrency is that unlike the crimes of traditional currency, there is no way of gaining access to the hacked accounts of cryptocurrency. Therefore, once the account gets hacked, there is no way of gaining the control of the activities back.
Something similar took place when 24 million worth of cryptocurrency was stolen from the account of a man in California; Terpin has now sued his mobile service company, AT&T for the $224 million and has also accused the company of helping the hoodwinkers. However, Terpin is not the only one who has suffered from loss in this manner, the amount lost to miscreants through mobiles is $1.6 billion. It is being advised by the experts to be immensely careful about guarding the mobile phone numbers.
The problem with the means used for gaining control and manipulating the cryptocurrency through phones is that there is no way in which user can gain back the control over his virtual currency activities. It is for this reason that it has become extremely essential to keep in check the mobile activity and information.