SIM Swap
An attack that transfers your phone number to the attacker's SIM card to intercept calls and SMS codes.
A SIM swap moves your mobile number onto a SIM the attacker controls. They pull it off by social-engineering a carrier rep or bribing an insider into doing the port. Once the number is theirs, every SMS two-factor code and password reset flows to them.
Crypto investor Michael Terpin lost millions this way and won a court judgment over it. Protect yourself by dropping SMS in favor of app-based or hardware 2FA, and by setting a carrier port-out PIN. A phone number should never be the lock on a wallet or exchange login.
Related terms
A second login check beyond your password, usually a one-time code, that blocks attackers who steal credentials.
Social EngineeringManipulating people rather than code, tricking them into handing over keys, codes, or access.
PhishingA scam that tricks you into revealing keys or signing a malicious transaction by posing as something you trust.
Centralized Exchange (CEX)A company that runs an order book, holds your funds, and matches buyers with sellers for a fee.