The crypto community has highlighted the issues with using SMS 2FA after a “sim-swapping” victim sued Coinbase for not refunding $96,000 withdrawn from his account by attackers.
The crypto community is debating whether SMS two-factor authentication should ever be used for account security following news that a Coinbase customer is suing the cryptocurrency exchange for $96,000.against Coinbase in the United States District Court for the Northern District of California, claiming he lost “90% of his life savings” after funds were withdrawn from his account by identity thieves and Coinbase had refused to reimburse him.
Ferguson is said to have fallen prey to a type of identity theft known as “sim-swapping,” which allows fraudsters to gain control of a phone number by tricking the telecom provider into linking the number to their own sim card. This allows them to bypass any SMS 2FA on an account, and in this situation allegedly allowed them to confirm the withdrawal of $96,000 from Ferguson's Coinbase account.
Ferguson claimed he lost service after his phone was hacked on May 9, and noticed the funds had been taken from his Coinbase account after getting a new sim card and restoring his service as per instructions from his service provider T-Mobile.
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