Hackers know many ways to get where we don’t want to go. Lately, there’s been a lot of rumours about SIM-swap burglaries. This time, the victim was a whale that was stolen 45 million in crypto. This may be the most serious attack ever.
The biggest theft was with a SIM-swap
The victim is Josh Jones, founder of Dreamhost. According to his statements, total burglary damage amounts to $45 million. The investor kept USD 30 million in Bitcoin Cash (ca. 100,000 BCH) and another USD 15 million in Bitcoin (1500 BTC).
Several crypto-influencers were involved in the aid, here is a tweet of one of them
BCH address :qzumak2rvxksjgkjuxe2fe5jxatktlsnhy5sthr5p7
THIS IS REALLY BRUTAL pic.twitter.com/19XM3w5BL7
— Dovey 以德服人 Wan ?? (@DoveyWan) February 22, 2020
Is there any chance of recovery?
According to successive tweets from Wan, hackers split the stolen digital coins into smaller portions and “most likely they will soon pass them through the transaction mixer to cover their tracks. This is because it’s actually a real burglary.”
According to Wan, the only way for the investor to get his money back would be to deliberately cause a double issuance on the web, but that would certainly not appeal to the rest of the community.
If a whale kept its digital coins in cold storage, the hacking would not happen. SIM-swap attacks are only possible if hackers come across a 2FA-related device of some exchange or portfolio.
All we have to do is learn from other people’s mistakes and never, ever hold more crypto on hot wallets than we can lose. Hot wallets should only serve us to store the funds we need for now, for example for trading. We recommend keeping all the rest of your crypto savings on your hardware wallets, such as Ledger.