Wallets, Security & Custody

What is a SIM swap attack and how does it affect crypto?

A SIM swap attack is a fraud where an attacker tricks a mobile carrier into transferring your phone number to a SIM card they control, letting them intercept your calls and texts. For crypto, this is dangerous because it can capture SMS-based one-time passwords and password-reset codes, allowing the attacker to break into exchange accounts or email and drain funds. For example, once they hold your number, they can request a password reset and approve the SMS code themselves. Using app-based or hardware authentication instead of SMS reduces this exposure.

Crypto investments are subject to market risk and volatility. Past performance is not indicative of future returns. This is general information, not investment advice — consider your own circumstances or consult a qualified adviser before investing.