SIM Card Swapping and Crypto Theft: What You Need to Know

Learning about SIM card swapping and crypto theft can help you secure your account and take steps to protect yourself if a breach occurs. Cryptocurrency theft is one of the fastest-growing areas of online fraud, and SIM card swapping is one of the most effective tools cybercriminals use to drain crypto accounts. 

If you’ve lost money due to a crypto hack, you’ll want to report the incident and get in touch with an attorney. One thing you need to know about SIM card swapping and crypto theft is that a cryptocurrency hacking and theft lawyer may be able to help you by filing a claim for damages if your losses were caused by a cryptocurrency exchange’s negligence or misconduct. 

Let’s take a closer look at what you need to know about SIM card swapping and crypto theft to protect yourself.

What Is SIM Card Swapping?

SIM card swapping is a form of identity theft that gives a criminal access to your mobile phone number. In a SIM card attack, the hacker transfers your phone number to a new SIM card that they have control over. If you have SMS as your account verification method, this is a problem. 

Once your number is reassigned, the hacker can receive all of your text messages and phone calls, including the two–factor authentication (2FA) codes required to access the cryptocurrency exchange platform you use. For example, if logging in from a new location, the scammer (rather than yourself) will get the text message asking for authentication. 

Using SIM swapping, the hacker can do the following:

• Reset passwords on your crypto exchange accounts
• Bypass 2FA protections
• Drain your crypto wallets 

Signs You’ve Been Targeted by SIM Swapping

Knowing about SIM card swapping and crypto theft can help you secure your accounts and allow you to react correctly in the event of a hack. The first warning sign of a SIM swap is often a sudden loss of cell service. In this situation, your phone may display a “No Service” notification when others nearby are getting a full signal.

Other warning signs of SIM swapping include the following:

• Unfamiliar account activity 
• Password reset emails
• Alerts from your crypto exchange about changes you didn’t make
• Inability to log into important accounts despite using the correct usernames and passwords
• Missed calls and messages from your own phone number

Can I Sue the Crypto Exchange for SIM Swapping and Crypto Theft?

Yes, you may be able to hold crypto exchanges responsible for losses due to SIM swapping when exchanges fail to implement adequate security measures or ignore red flags during suspicious account access. Cryptocurrency exchanges have a duty of care to protect their users’ assets, especially when they market themselves as secure platforms.

Reach out to an attorney today to learn more about your legal rights after crypto theft and SIM swapping. They’ll provide the information you need to make smart legal decisions. 

How a Securities Lawyer Can Help You After a Crypto Loss

If your cryptocurrency loss was tied to the negligent actions of a cryptocurrency exchange, you may have legal options. Here’s what a skilled securities attorney can do to guide you through the claims process and get the compensation you deserve:

• Investigate your crypto losses and gather important evidence
• Determine if the cryptocurrency exchange can be held liable for your losses
• Use evidence to construct a strong claim on your behalf
• Represent you during the legal proceedings
• Fight to get the compensation you need to replace your losses
• Guide you through the entire claims process, providing answers to your questions and confident direction when you need it most
• Advise you on what you need to know about SIM card swapping and crypto theft to protect yourself from future losses

If you believe that your loss of funds is due to a cryptocurrency exchange’s negligent actions or misconduct, don’t wait to get in touch with a trusted lawyer. 

The sooner you hire an attorney, the more likely you’ll be able to get the damages you’re owed. 

Schedule a Free Consultation With a Skilled Securities Lawyer

At Meyer Wilson Werning, we understand how stressful and confusing it can be to find out that you’ve lost a significant amount of cryptocurrency due to a SIM Swap or account takeover. That’s why our team is here to provide the experienced assistance you need to make a meaningful recovery. 

If you’ve lost over $100,000 in assets due to an exchange’s failure to implement adequate security measures or ignore red flags during suspicious account access, contact us today to schedule a free consultation. 

Our team has over 75 years of combined experience and has won over $350 million in damages for investors like yourself. We have the skills and resources required to make your claim as successful as possible.