Using a technique known as SIM swapping, a process by which criminals take control of a target’s phone number, hackers have been able to steal millions of dollars from Bitcoin and other digital currencies investors.
The group has been trying to raise awareness about the scam and teach people how to avoid it, and it is led by tech entrepreneur Robert Ross, who lost USD 1 million from his Gemini and Coinbase accounts in a SIM swapping hack.
Moreover, the initiative aims to prevent future heists by putting pressure on cell phone providers, who have been sluggish at stopping hackers, according to Motherboard. Nevertheless, AT&T, T-Mobile, Verizon, and Sprint did not respond to a request for comment.
Ross is calling the initiative called StopSIMCrime. He announced it in a press release and website. The site is intended to be a central hub for victims of SIM swapping, as well as for people worried about becoming targets. The site also helps victims connect with the Regional Enforcement Allied Computer Team or REACT, a task force in Silicon Valley that’s led some of the most high-profile cases against SIM swappers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now