In what could turn out to be one of the most serious SIM-card hacks in history, someone has reportedly stolen $45 million worth of Bitcoin and Bitcoin Cash from a single whale investor.
Hacker Gets Away With Reported $45 Million
According to a Reddit post from February 22nd, which is now deleted, an investor, who appears to be the founder of Dreamhost, Josh Jones, became the victim of an alleged SIM-swap attack.
Popular industry commentator and founding partner at cryptocurrency asset fund Primitive Ventures reproduced the post in a series of tweets.
BCH address :qzumak2rvxksjgkjuxe2fe5jxatktlsnhy5sthr5p7
THIS IS REALLY BRUTAL pic.twitter.com/19XM3w5BL7
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) February 22, 2020
Purportedly, Jones lost a total of $45 million. $30 million of these were in the form of Bitcoin Cash (less than 100,000 BCH) and $15 million – in Bitcoin (1,500 BTC).
Appealing to the mining community of BCH, Jones urged miners or anyone else to help him out somehow, promising a big reward if successful.
It’s only had 3 confirmations if any miners/ the community can help somehow, I’ve got the private keys. Help help help… big reward obviously.
According to Wan, the hacker seems to be splitting the Bitcoin into smaller amounts and “may enter into mixer soon… so it’s a real hack most likely.”
What Happens Next?
While, at this stage, there’s no official confirmation, the situation remains very troublesome for the investor who supposedly lost his money.
According to Wan, the only way this could be remedied is through a double-spent on the Bitcoin Cash network, which would lead to its demise, in her views.
It’s also important to note that this wouldn’t have been possible if the whale kept his cryptocurrency on a hardware cold wallet. SIM-swap attacks are only successful when they target a mobile device, which is commonly used for a two-factor authenticator for a certain wallet provider.
During times like these, it’s essential to remember that safeguarding your crypto assets is of paramount importance. Never keep big amounts on hot wallets or exchanges, as incidents like these do happen. Make sure to employ the necessary security measures to guarantee the safety of your fortunes.