CoinBase Sim Swapping - Revision history

Azoundria at 19:19, 1 May 2023

2023-05-01T19:19:29Z

← Older revision		Revision as of 13:19, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Coinbase.jpg\|thumb\|CoinBase]]CoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers.		[[File:Coinbase.jpg\|thumb\|CoinBase]]CoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers.
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	From that point forward, they can reset the email password, and any passwords to exchange accounts, withdrawing funds from platforms.		From that point forward, they can reset the email password, and any passwords to exchange accounts, withdrawing funds from platforms.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.		This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="slowmisthacked-1160" /><ref name="coinmonksmedium-2210" /><ref name="coinbasehelp-2211" /><ref name="cointelegraph-2212" /><ref name="thenextweb-2213" /><ref name="ccn-2214" /><ref name="cryptoglobe-2215" /><ref name="reddit-2216" /><ref name="rewkangtwitter-2217" /><ref name="mptherealmvptwitter-2218" /><ref name="iampreethitwitter-2219" /><ref name="el33th4xortwitter-2220" /><ref name="cryptonews-2221" /><ref name="investopedia-2222" /><ref name="bbc-2223" /><ref name="btcmanager-2224" /><ref name="mycryptomedium-9257" />
	<ref name="slowmisthacked-1160" /><ref name="coinmonksmedium-2210" /><ref name="coinbasehelp-2211" /><ref name="cointelegraph-2212" /><ref name="thenextweb-2213" /><ref name="ccn-2214" /><ref name="cryptoglobe-2215" /><ref name="reddit-2216" /><ref name="rewkangtwitter-2217" /><ref name="mptherealmvptwitter-2218" /><ref name="iampreethitwitter-2219" /><ref name="el33th4xortwitter-2220" /><ref name="cryptonews-2221" /><ref name="investopedia-2222" /><ref name="bbc-2223" /><ref name="btcmanager-2224" /><ref name="mycryptomedium-9257" />

	== About CoinBase ==		== About CoinBase ==
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	!Description		!Description
	\|-		\|-
	\|May 20th, 2019 ~~12:00:00 AM~~		\|May 20th, 2019
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
	== Prevention Policies ==
	It's recommended that platforms use factors that involve physical hardware, and more factors are always better to authenticate users.		It's recommended that platforms use factors that involve physical hardware, and more factors are always better to authenticate users.

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	All of these methods can effectively reduce the ability to perform these types of attacks. The responsibility and incentive are shared between platform and user to prevent these situations.		All of these methods can effectively reduce the ability to perform these types of attacks. The responsibility and incentive are shared between platform and user to prevent these situations.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>		<references><ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>

	<ref name="coinmonksmedium-2210">[https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124 The Most Expensive Lesson Of My Life Details Of Sim Port Hack] (Aug 4, 2021)</ref>		<ref name="coinmonksmedium-2210">[https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124 The Most Expensive Lesson Of My Life Details Of Sim Port Hack] (Aug 5, 2021)</ref>

	<ref name="coinbasehelp-2211">[https://help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/phone-based-attacks Phone-based attacks - Coinbase Help] (Aug 5, 2021)</ref>		<ref name="coinbasehelp-2211">[https://help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/phone-based-attacks Phone-based attacks - Coinbase Help] (Aug 6, 2021)</ref>

	<ref name="cointelegraph-2212">[https://cointelegraph.com/news/hackers-steal-100-000-worth-of-btc-from-engineering-manager-at-crypto-custodian-bitgo Hackers Steal $100,000+ Worth of BTC From Engineering Manager at Crypto Custodian BitGo] (Aug 5, 2021)</ref>		<ref name="cointelegraph-2212">[https://cointelegraph.com/news/hackers-steal-100-000-worth-of-btc-from-engineering-manager-at-crypto-custodian-bitgo Hackers Steal $100,000+ Worth of BTC From Engineering Manager at Crypto Custodian BitGo] (Aug 6, 2021)</ref>

	<ref name="thenextweb-2213">[https://thenextweb.com/news/cryptocurrency-security-coinbase-hack-sim How engineer at crypto-security startup lost $100K in SIM-swapping hack] (Aug 5, 2021)</ref>		<ref name="thenextweb-2213">[https://thenextweb.com/news/cryptocurrency-security-coinbase-hack-sim How engineer at crypto-security startup lost $100K in SIM-swapping hack] (Aug 6, 2021)</ref>

	<ref name="ccn-2214">[https://www.ccn.com/100000-bitcoin-loss-bitgo-engineer-sim-hijacked/ Crypto Engineer Bravely Details Embarrassing $100,000 SIM-Hijack Bitcoin Theft] (Aug 5, 2021)</ref>		<ref name="ccn-2214">[https://www.ccn.com/100000-bitcoin-loss-bitgo-engineer-sim-hijacked/ Crypto Engineer Bravely Details Embarrassing $100,000 SIM-Hijack Bitcoin Theft] (Aug 6, 2021)</ref>

	<ref name="cryptoglobe-2215">[https://www.cryptoglobe.com/latest/2019/05/bitgo-engineering-manager-has-100k-stolen-from-his-coinbase-account/ BitGo Engineering Manager Has $100K Stolen From His Coinbase Account \| Cryptoglobe] (Aug 5, 2021)</ref>		<ref name="cryptoglobe-2215">[https://www.cryptoglobe.com/latest/2019/05/bitgo-engineering-manager-has-100k-stolen-from-his-coinbase-account/ BitGo Engineering Manager Has $100K Stolen From His Coinbase Account \| Cryptoglobe] (Aug 6, 2021)</ref>

	<ref name="reddit-2216">[https://www.reddit.com/r/CryptoMarkets/comments/broo01/sim_swap_hacking_bitgo_manager_loses_100000_btc/ SIM Swap Hacking: BitGo Manager Loses $100,000 BTC : CryptoMarkets] (Aug 5, 2021)</ref>		<ref name="reddit-2216">[https://www.reddit.com/r/CryptoMarkets/comments/broo01/sim_swap_hacking_bitgo_manager_loses_100000_btc/ SIM Swap Hacking: BitGo Manager Loses $100,000 BTC : CryptoMarkets] (Aug 6, 2021)</ref>

	<ref name="rewkangtwitter-2217">[https://twitter.com/Rewkang/status/1134900599059693569 @Rewkang Twitter] (Aug 5, 2021)</ref>		<ref name="rewkangtwitter-2217">[https://twitter.com/Rewkang/status/1134900599059693569 @Rewkang Twitter] (Aug 6, 2021)</ref>

	<ref name="mptherealmvptwitter-2218">[https://twitter.com/MPtherealMVP/status/1132392082465853440 @MPtherealMVP Twitter] (Aug 5, 2021)</ref>		<ref name="mptherealmvptwitter-2218">[https://twitter.com/MPtherealMVP/status/1132392082465853440 @MPtherealMVP Twitter] (Aug 6, 2021)</ref>

	<ref name="iampreethitwitter-2219">[https://twitter.com/iam_preethi/status/1132300886024134656 @iam_preethi Twitter] (Aug 5, 2021)</ref>		<ref name="iampreethitwitter-2219">[https://twitter.com/iam_preethi/status/1132300886024134656 @iam_preethi Twitter] (Aug 6, 2021)</ref>

	<ref name="el33th4xortwitter-2220">[https://twitter.com/el33th4xor/status/1135151788301180928 @el33th4xor Twitter] (Aug 5, 2021)</ref>		<ref name="el33th4xortwitter-2220">[https://twitter.com/el33th4xor/status/1135151788301180928 @el33th4xor Twitter] (Aug 6, 2021)</ref>

	<ref name="cryptonews-2221">[https://cryptonews.com/news/sim-swap-attacks-are-on-the-rise-how-to-protect-your-crypto-3980.htm SIM-Swap Attacks Are On The Rise: How To Protect Your Crypto?] (Aug 5, 2021)</ref>		<ref name="cryptonews-2221">[https://cryptonews.com/news/sim-swap-attacks-are-on-the-rise-how-to-protect-your-crypto-3980.htm SIM-Swap Attacks Are On The Rise: How To Protect Your Crypto?] (Aug 6, 2021)</ref>

	<ref name="investopedia-2222">[https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/ Coinbase Review 2021] (Aug 5, 2021)</ref>		<ref name="investopedia-2222">[https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/ Coinbase Review 2021] (Aug 6, 2021)</ref>

	<ref name="bbc-2223">[https://www.bbc.com/news/business-56750102 Crypto firm Coinbase valued at more than oil giant BP - BBC News] (Aug 5, 2021)</ref>		<ref name="bbc-2223">[https://www.bbc.com/news/business-56750102 Crypto firm Coinbase valued at more than oil giant BP - BBC News] (Aug 6, 2021)</ref>

	<ref name="btcmanager-2224">[https://btcmanager.com/sim-swap-attacks-amplify-companies-recommend-using-sms-2fa/ As SIM Swap Attacks Amplify, Companies Recommend against Using SMS as 2FA \| BTCMANAGER] (Aug 5, 2021)</ref>		<ref name="btcmanager-2224">[https://btcmanager.com/sim-swap-attacks-amplify-companies-recommend-using-sms-2fa/ As SIM Swap Attacks Amplify, Companies Recommend against Using SMS as 2FA \| BTCMANAGER] (Aug 6, 2021)</ref>

	<ref name="mycryptomedium-9257">[https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d What To Do When Sim Swapping Happens To You] (Oct 14, 2022)</ref></references>		<ref name="mycryptomedium-9257">[https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d What To Do When Sim Swapping Happens To You] (Oct 14, 2022)</ref></references>

Azoundria at 08:06, 17 February 2023

2023-02-17T08:06:50Z

← Older revision		Revision as of 02:06, 17 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}}
			{{Unattributed Citations}}

	[[File:Coinbase.jpg\|thumb\|CoinBase]]CoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers.		[[File:Coinbase.jpg\|thumb\|CoinBase]]CoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers.
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	This exchange or platform is based in United States, or the incident targeted people primarily in United States.		This exchange or platform is based in United States, or the incident targeted people primarily in United States.
			<ref name="slowmisthacked-1160" /><ref name="coinmonksmedium-2210" /><ref name="coinbasehelp-2211" /><ref name="cointelegraph-2212" /><ref name="thenextweb-2213" /><ref name="ccn-2214" /><ref name="cryptoglobe-2215" /><ref name="reddit-2216" /><ref name="rewkangtwitter-2217" /><ref name="mptherealmvptwitter-2218" /><ref name="iampreethitwitter-2219" /><ref name="el33th4xortwitter-2220" /><ref name="cryptonews-2221" /><ref name="investopedia-2222" /><ref name="bbc-2223" /><ref name="btcmanager-2224" /><ref name="mycryptomedium-9257" />

	== About CoinBase ==		== About CoinBase ==
Line 41:		Line 43:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|May 20th, 2019 12:00:00 AM		\|May 20th, 2019 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $100,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== References ==		== References ==
	[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)		<references><ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>

	[https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124 The Most Expensive Lesson Of My Life Details Of Sim Port Hack] (Aug 4)		<ref name="coinmonksmedium-2210">[https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124 The Most Expensive Lesson Of My Life Details Of Sim Port Hack] (Aug 4, 2021)</ref>

	[https://help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/phone-based-attacks Phone-based attacks - Coinbase Help] (Aug 5)		<ref name="coinbasehelp-2211">[https://help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/phone-based-attacks Phone-based attacks - Coinbase Help] (Aug 5, 2021)</ref>

	[https://cointelegraph.com/news/hackers-steal-100-000-worth-of-btc-from-engineering-manager-at-crypto-custodian-bitgo Hackers Steal $100,000+ Worth of BTC From Engineering Manager at Crypto Custodian BitGo] (Aug 5)		<ref name="cointelegraph-2212">[https://cointelegraph.com/news/hackers-steal-100-000-worth-of-btc-from-engineering-manager-at-crypto-custodian-bitgo Hackers Steal $100,000+ Worth of BTC From Engineering Manager at Crypto Custodian BitGo] (Aug 5, 2021)</ref>

	[https://thenextweb.com/news/cryptocurrency-security-coinbase-hack-sim How engineer at crypto-security startup lost $100K in SIM-swapping hack] (Aug 5)		<ref name="thenextweb-2213">[https://thenextweb.com/news/cryptocurrency-security-coinbase-hack-sim How engineer at crypto-security startup lost $100K in SIM-swapping hack] (Aug 5, 2021)</ref>

	[https://www.ccn.com/100000-bitcoin-loss-bitgo-engineer-sim-hijacked/ Crypto Engineer Bravely Details Embarrassing $100,000 SIM-Hijack Bitcoin Theft] (Aug 5)		<ref name="ccn-2214">[https://www.ccn.com/100000-bitcoin-loss-bitgo-engineer-sim-hijacked/ Crypto Engineer Bravely Details Embarrassing $100,000 SIM-Hijack Bitcoin Theft] (Aug 5, 2021)</ref>

	[https://www.cryptoglobe.com/latest/2019/05/bitgo-engineering-manager-has-100k-stolen-from-his-coinbase-account/ BitGo Engineering Manager Has $100K Stolen From His Coinbase Account \| Cryptoglobe] (Aug 5)		<ref name="cryptoglobe-2215">[https://www.cryptoglobe.com/latest/2019/05/bitgo-engineering-manager-has-100k-stolen-from-his-coinbase-account/ BitGo Engineering Manager Has $100K Stolen From His Coinbase Account \| Cryptoglobe] (Aug 5, 2021)</ref>

	[https://www.reddit.com/r/CryptoMarkets/comments/broo01/sim_swap_hacking_bitgo_manager_loses_100000_btc/ SIM Swap Hacking: BitGo Manager Loses $100,000 BTC : CryptoMarkets] (Aug 5)		<ref name="reddit-2216">[https://www.reddit.com/r/CryptoMarkets/comments/broo01/sim_swap_hacking_bitgo_manager_loses_100000_btc/ SIM Swap Hacking: BitGo Manager Loses $100,000 BTC : CryptoMarkets] (Aug 5, 2021)</ref>

	[https://twitter.com/Rewkang/status/1134900599059693569 @Rewkang Twitter] (Aug 5)		<ref name="rewkangtwitter-2217">[https://twitter.com/Rewkang/status/1134900599059693569 @Rewkang Twitter] (Aug 5, 2021)</ref>

	[https://twitter.com/MPtherealMVP/status/1132392082465853440 @MPtherealMVP Twitter] (Aug 5)		<ref name="mptherealmvptwitter-2218">[https://twitter.com/MPtherealMVP/status/1132392082465853440 @MPtherealMVP Twitter] (Aug 5, 2021)</ref>

	[https://twitter.com/iam_preethi/status/1132300886024134656 @iam_preethi Twitter] (Aug 5)		<ref name="iampreethitwitter-2219">[https://twitter.com/iam_preethi/status/1132300886024134656 @iam_preethi Twitter] (Aug 5, 2021)</ref>

	[https://twitter.com/el33th4xor/status/1135151788301180928 @el33th4xor Twitter] (Aug 5)		<ref name="el33th4xortwitter-2220">[https://twitter.com/el33th4xor/status/1135151788301180928 @el33th4xor Twitter] (Aug 5, 2021)</ref>

	[https://cryptonews.com/news/sim-swap-attacks-are-on-the-rise-how-to-protect-your-crypto-3980.htm SIM-Swap Attacks Are On The Rise: How To Protect Your Crypto?] (Aug 5)		<ref name="cryptonews-2221">[https://cryptonews.com/news/sim-swap-attacks-are-on-the-rise-how-to-protect-your-crypto-3980.htm SIM-Swap Attacks Are On The Rise: How To Protect Your Crypto?] (Aug 5, 2021)</ref>

	[https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/ Coinbase Review 2021] (Aug 5)		<ref name="investopedia-2222">[https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/ Coinbase Review 2021] (Aug 5, 2021)</ref>

	[https://www.bbc.com/news/business-56750102 Crypto firm Coinbase valued at more than oil giant BP - BBC News] (Aug 5)		<ref name="bbc-2223">[https://www.bbc.com/news/business-56750102 Crypto firm Coinbase valued at more than oil giant BP - BBC News] (Aug 5, 2021)</ref>

	[https://btcmanager.com/sim-swap-attacks-amplify-companies-recommend-using-sms-2fa/ As SIM Swap Attacks Amplify, Companies Recommend against Using SMS as 2FA \| BTCMANAGER] (Aug 5)		<ref name="btcmanager-2224">[https://btcmanager.com/sim-swap-attacks-amplify-companies-recommend-using-sms-2fa/ As SIM Swap Attacks Amplify, Companies Recommend against Using SMS as 2FA \| BTCMANAGER] (Aug 5, 2021)</ref>

	[https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d What To Do When Sim Swapping Happens To You] (Oct 14)		<ref name="mycryptomedium-9257">[https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d What To Do When Sim Swapping Happens To You] (Oct 14, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}} CoinBaseCoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers. This resulted in a single point of failure, where an attacker can impersonate the customer to the phone provider, and request the phone service to be switched over to a device they control. From that point forward, they..."

2023-01-25T03:05:55Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}} thumb|CoinBaseCoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers. This resulted in a single point of failure, where an attacker can impersonate the customer to the phone provider, and request the phone service to be switched over to a device they control. From that point forward, they..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/coinbasesimswapping.php}}

[[File:Coinbase.jpg|thumb|CoinBase]]CoinBase and other platforms commonly use SMS-based authentication to allow account recovery, as do email providers.

This resulted in a single point of failure, where an attacker can impersonate the customer to the phone provider, and request the phone service to be switched over to a device they control.

From that point forward, they can reset the email password, and any passwords to exchange accounts, withdrawing funds from platforms.

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

== About CoinBase ==
"Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more." "As the leading mainstream cryptocurrency exchange in the United States, Coinbase has become a standard on-ramp for new crypto investors. Coinbase offers a wide variety of products including cryptocurrency investing, an advanced trading platform, custodial accounts for institutions, a wallet for retail investors, and its own U.S. dollar stable-coin."

"Coinbase was founded in 2012 and is a fully regulated and licensed cryptocurrency exchange supporting all U.S. states except Hawaii. Coinbase initially only allowed for Bitcoin trading but quickly began adding cryptocurrencies that fit its decentralized criteria."

"Its list expanded to include Ethereum, Litecoin, Bitcoin Cash, XRP, and many others with the promise of more as long as its requirements are met."

"The ability to port your SIM card to another device is a service that mobile carriers provide to their customers. It allows a customer to request their phone number be transferred to a new device. In most cases, this is a perfectly legitimate request; this happens when we upgrade to a new phone, switch mobile carriers, etc."

"A “SIM port attack”, however, is a malicious port performed by an unauthorized source — the attacker. The attacker ports your SIM card to a phone that they control. The attacker then initiates the password reset flow on your email account. A verification code is sent from your email provider to your phone number — which is intercepted by the attacker, as they now control your SIM card. The diagram below outlines the attack step by step."

"On Monday (May 20), Sean Coonce, an engineering manager at crypto custodian BitGo, revealed that last week he became the victim of a SIM swap attack (he referred to this as a “SIM port hack”) as the result of which his Coinbase account got “drained” and he lost “north of $100,000.”" "According to the post, Coonce had over $100,000 siphoned out of his account on cryptocurrency exchange Coinbase in under 24 hours. Coone details SIM swapping, a practice that sees the attacker maliciously requesting a telecommunications carrier to redirect the traffic of a mobile phone number to a device over which they have control."

"[B]y this time the attacker had completed Coinbase’s password reset process with the 24-hour delay period having elapsed. Besides draining everything that was contained in his Coinbase wallet, the attacker also bought cryptocurrencies using Coonce’s funds deposited on the exchange. The attacker then moved the bitcoin and other cryptocurrencies to a non-Coinbase on-chain address."

"SMS as a 2FA method [was] the most common mechanism deployed by crypto users. However, this [didn't turn] out well for the industry. There have been several reports of theft of millions of dollars using the SIM swapping method."

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - CoinBase Sim Swapping
!Date
!Event
!Description
|-
|May 20th, 2019 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
It's recommended that platforms use factors that involve physical hardware, and more factors are always better to authenticate users.

Another strategy is to prevent withdrawals from accounts within a longer time period whenever a password is changed or there's a login from a suspicious location.

All of these methods can effectively reduce the ability to perform these types of attacks. The responsibility and incentive are shared between platform and user to prevent these situations.

== References ==
[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)

[https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124 The Most Expensive Lesson Of My Life Details Of Sim Port Hack] (Aug 4)

[https://help.coinbase.com/en/coinbase/privacy-and-security/avoiding-phishing-and-scams/phone-based-attacks Phone-based attacks - Coinbase Help] (Aug 5)

[https://cointelegraph.com/news/hackers-steal-100-000-worth-of-btc-from-engineering-manager-at-crypto-custodian-bitgo Hackers Steal $100,000+ Worth of BTC From Engineering Manager at Crypto Custodian BitGo] (Aug 5)

[https://thenextweb.com/news/cryptocurrency-security-coinbase-hack-sim How engineer at crypto-security startup lost $100K in SIM-swapping hack] (Aug 5)

[https://www.ccn.com/100000-bitcoin-loss-bitgo-engineer-sim-hijacked/ Crypto Engineer Bravely Details Embarrassing $100,000 SIM-Hijack Bitcoin Theft] (Aug 5)

[https://www.cryptoglobe.com/latest/2019/05/bitgo-engineering-manager-has-100k-stolen-from-his-coinbase-account/ BitGo Engineering Manager Has $100K Stolen From His Coinbase Account | Cryptoglobe] (Aug 5)

[https://www.reddit.com/r/CryptoMarkets/comments/broo01/sim_swap_hacking_bitgo_manager_loses_100000_btc/ SIM Swap Hacking: BitGo Manager Loses $100,000 BTC : CryptoMarkets] (Aug 5)

[https://twitter.com/Rewkang/status/1134900599059693569 @Rewkang Twitter] (Aug 5)

[https://twitter.com/MPtherealMVP/status/1132392082465853440 @MPtherealMVP Twitter] (Aug 5)

[https://twitter.com/iam_preethi/status/1132300886024134656 @iam_preethi Twitter] (Aug 5)

[https://twitter.com/el33th4xor/status/1135151788301180928 @el33th4xor Twitter] (Aug 5)

[https://cryptonews.com/news/sim-swap-attacks-are-on-the-rise-how-to-protect-your-crypto-3980.htm SIM-Swap Attacks Are On The Rise: How To Protect Your Crypto?] (Aug 5)

[https://www.investopedia.com/tech/coinbase-what-it-and-how-do-you-use-it/ Coinbase Review 2021] (Aug 5)

[https://www.bbc.com/news/business-56750102 Crypto firm Coinbase valued at more than oil giant BP - BBC News] (Aug 5)

[https://btcmanager.com/sim-swap-attacks-amplify-companies-recommend-using-sms-2fa/ As SIM Swap Attacks Amplify, Companies Recommend against Using SMS as 2FA | BTCMANAGER] (Aug 5)

[https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d What To Do When Sim Swapping Happens To You] (Oct 14)