SIM swap attacks on crypto: how they work and what to do
A SIM swap hijacks your phone number, letting a scammer intercept your SMS codes and password resets โ and break into your email, exchange, and wallet accounts.
If this happened to you, it is not your fault. SIM swaps often rely on the attacker fooling your carrier. Here's how they work โ and what to do right now.
How the attack works
- 1.They gather your details (often from data leaks or phishing) and target your phone number.
- 2.They hijack the number โ impersonating you to your carrier, or bribing an insider โ moving it to their SIM.
- 3.They intercept your codes. SMS 2FA and password resets now go to them.
- 4.They take over and drain your email, exchange, and wallet accounts.
Warning signs
- ๐ฉYour phone suddenly loses all signal or shows "no service" / "SOS" with no outage.
- ๐ฉYou can't make calls or texts, or get an unexpected "SIM activated" message.
- ๐ฉLogin or password-reset alerts you didn't request.
If you suspect a SIM swap โ act immediately
- โขCall your mobile carrier now (from another phone) to re-secure your number and add a PIN.
- โขFrom a clean device, reset your email password first, then exchanges and wallets.
- โขReplace SMS 2FA with an authenticator app or hardware key, and revoke active sessions/API keys.
- โขContact your exchange to freeze the account and review withdrawals.
How to report it
- โขYour mobile carrier (report the fraudulent swap) and your exchange.
- โขYour local police and national fraud body (see the reporting directory).
- โขReport the scam wallet address on Chainabuse.
โ ๏ธ Beware the second scam
"Recovery experts" may contact you promising to get your money back for a fee. Most are scammers targeting victims again. Never pay anyone who guarantees recovery. Read about recovery scams โ
You're not alone
SIM swaps exploit weaknesses at the carrier, not your carelessness. Get support from someone you trust while you lock things back down.
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