Thursday, March 28, 2024
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Debate over 2FA using SMS after sim-swapping victim sues Coinbase

The crypto community is debating whether SMS two-factor authentication (2FA) should ever be used for account security following news that a Coinbase customer is suing the cryptocurrency exchange for $96,000.On Mar. 6 Jared Ferguson filed a lawsuit against Coinbase in the United States District Court for the Northern District of

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Two Indicted in Latest Federal Prosecution of SIM-Swapping Crypto Theft

The case should remind members of the cryptocurrency community of the dangers of storing crypto on hot wallets, especially those secured via two-factor authentication methods such as text confirmation. Weakly secured cellular accounts are often an inadequate defense against hackers bent on compromising known crypto holders’ wallets. Source

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US Lawmakers Call on Communications Regulator to Tackle SIM-Swapping Crime

Democratic lawmakers in the U.S. are demanding are demanding that the Federal Communications Commission (FCC) takes action to tackle the rise in SIM swapping attacks.Responding to the groundswell of reported SIM swap heists, senators Ron Wyden (Ore.), Sherrod Brown (Ohio) and Ed Markey (Mass.) and representatives Ted Lieu (Calif.), Anna

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