Crypto Currency

The SIM Swap Fix That the US Isn’t Using

SIM swap attacks, where hackers trick or bribe a phone company employee into switching the SIM card associated with a victim's phone number. The attackers then use that hijacked number to take over banking or other online accounts. According to Tenreiro, the bank had seen more than 17 SIM swap frauds every month. The problem…


SIM swap attacks, where hackers trick or bribe a phone company employee into switching the SIM card associated with a victim’s phone number. The attackers then use that hijacked number to take over banking or other online accounts. According to Tenreiro, the bank had seen more than 17 SIM swap frauds every month. The problem was only getting worse.

“The gentleman from the bank, I could see by his face he was desperate. He wanted to do something but he didn’t know what to do,” says Tenreiro, who asked WIRED not to identify the phone carrier he worked for. “He was asking for our help. As mobile operators, we also had a responsibility to fight this fraud.”

Andy Greenberg is a WIRED security writer and author of the forthcoming book, Sandworm: A New Era of Cyberwar and the Hunt for the Kremlin’s Most Dangerous Hackers.

SIM swap hackers rely on intercepting a one-time password sent by text after stealing a victim’s banking credentials, or by using the phone number as a password reset fallback. So the phone company, Tenreiro says, offered a straightforward fix: The carrier would set up a system to let the bank query phone records for any recent SIM swaps associated with a bank account before they carried out a money transfer. If a SIM swap had occurred in, say, the last two or three days, the transfer would be blocked. Because SIM swap victims can typically see within minutes that their phone has been disabled, that window of time let them report the crime before fraudsters could take advantage.

By August of 2018, Mozambique’s largest bank was performing SIM swap checks with all the major carriers. “It reduced their SIM swap fraud to nearly zero overnight,” says Tenreiro, who serves on Mozambique’s Computer Emergency Readiness Team, and spoke about the SIM swap fraud fix at Kaspersky’s Security Analyst Summit earlier this month.

Mozambique isn’t alone in implementing that fix for the growing epidemic of SIM swap fraud, which is increasingly used for everything from hijacking Instagram accounts to stealing cryptocurrency. According to WIRED’s interviews with security firms and executives in the banking and telecom industries, companies in other countries across Africa, including Nigeria, South Africa, and Kenya—where the prevalence of mobile payments have made SIM swaps a particularly serious threat—have put similar carrier-checking remedies in place. So have the UK and Australia. But there’s one country where experts say the fix hasn’t taken hold: the US.

“This is something where Africa is ahead of us,” sa

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It’s not just bitcoin ETFs. Corporate BTC buying has dried up too

Markets Corporate bitcoin buying has collapsed from $500 million per day to almost negligible ETF outflows have dominated the narrative but corporate bitcoin treasuries have gone quiet too, compounding the demand-side weakness. By Omkar Godbole Updated Jun 11, 2026, 9:25 a.m. Published Jun 11, 2026, 5:16 a.m. 2 min read Make preferred on Share Share

Markets

Corporate bitcoin buying has collapsed from $500 million per day to almost negligible

ETF outflows have dominated the narrative but corporate bitcoin treasuries have gone quiet too, compounding the demand-side weakness.

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Charts, graph. (Adam Smigielski/Unsplash)
Summary

  • Bitcoin’s slide from about $74,000 to below $60,000 has coincided with a sharp pullback in buying from both spot ETFs and corporate digital asset treasuries.
  • While corporate treasury firms remain net bitcoin buyers, their daily purchases have dropped from peaks above $500 million earlier this spring to minimal levels this month, removing a key source of demand.
  • U.S.-listed spot bitcoin ETFs have recorded more than $5.7 billion in net outflows since mid-May.

Bitcoin has lost buyers on two fronts.

The exodus from spot ETFs as a catalyst for the recent bitcoin price swoon is well documented. Less discussed is the equally steep drop in buying by digital asset treasuries, or firms whose core business is accumulating bitcoin as a treasury asset.

“As BTC broke down from the mid-$70Ks toward $60K, net inflows from corporate treasury firms fell sharply, with daily purchases slowing to a fraction of their recent pace,” analysts at Glassnode said in the latest market update.

“While companies remain net buyers overall, the decline in accumulation suggests this cohort is becoming more cautious, removing another source of marginal demand at a time when broader market sentiment remains weak,” they said.

Daily purchases by DAT firms, smoothed using a 7-day moving average. (Glassnode)

The green and red bars show the dollar value of daily net purchases by digital asset firms since June 2025, smoothed using a seven-day moving average.

The DAT demand has pretty much evaporated this month, down significantly from multiple instances of over $500 million in daily accumulation observed through April and May.

That partly explains BTC’s quick slide from $74,000 to under $60,000 last week.

Some analysts believe the sell-off was mainly catalyzed by Strategy, the world’s largest publicly listed BTC holder, disclosing that it sold 32 BTC in the final week of May. The firm, however, returned to the market during last week’s sell-off, snapping up BTC worth around $100 million. But that failed to keep prices from falling below $60,000.

As of writing, bitcoin changed hands at around $62,500.

The U.S.-listed spot ETFs remain another major headwind, continuing to bleed capital and reducing the odds of a sustained price rebound. On Wednesday, the 11 funds posted an outflow of $213.85 million, according to SoSoValue. Total redemptions have exceeded $5.72 billion since the second week of May.

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