Co-founder of Blockchain Capital Takes Legal Action Against Hacker
Bart Stephens, co-founder and managing partner at Blockchain Capital, has filed a lawsuit against an unidentified hacker who allegedly stole $6.3 million worth of cryptocurrencies from his digital wallets. The hacker exploited a SIM-swap vulnerability, using personal information from the dark web to bypass security protocols with the cellular network provider. This allowed the hacker to reset account passwords and gain control over Stephens’ digital assets.
Main Breakdowns:
- SIM-swap attacks have resulted in $72 million in losses in 2022, according to the FBI.
- Hackers manipulate customer service representatives to obtain personal information for SIM-swap attacks.
- The hacker gained control of Stephens’ digital wallets and communicated with him before stealing the funds.
- The lawsuit also reveals an attempt to steal an additional $14 million in bitcoin and ethereum.
- A vigilant employee of Blockchain Capital detected the suspicious activity and prevented the unauthorized withdrawal.
While SIM-swap attacks have been on the rise, it is crucial for crypto users to remain vigilant and take necessary precautions to protect their digital assets.
Hot Take:
This incident highlights the ongoing security challenges faced by crypto investors and the need for robust measures to safeguard their funds. It serves as a reminder for individuals to be cautious and proactive in securing their digital assets.
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