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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Bitcoin left behind in the geopolitical melee

Crypto Daybook Americas Bitcoin left behind in the geopolitical melee Your day-ahead look for May 22, 2026 By Omkar Godbole, Olivier Acuna| Edited by Jamie Crawley May 22, 2026, 11:31 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on (Vilius Kukanauskas/Pixabay)

Crypto Daybook Americas

Bitcoin left behind in the geopolitical melee

Your day-ahead look for May 22, 2026

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Geopolitics (Vilius Kukanauskas/Pixabay)
Summary

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

Daybook will not be published on Monday, May 25 due to the Memorial Day holiday. We will be back on Tuesday, May 26.

The current state of financial markets is best described as macro-geopolitics first, crypto second.

The evidence is clear. Despite recent positive regulatory developments related to the Clarity Act, bitcoin has shown little excitement, trading near $77,200 – largely unchanged over the past 24 hours and for the week.

Meanwhile, oil remains elevated near $100 and speculative capital is pouring into copper amid fears of a sulfur shortage. The connection? Copper production is heavily dependent on sulfuric acid, whose supply has been disrupted through the Strait of Hormuz.

In essence, everything is revolving around Hormuz, driving commodity flows and prices higher, stoking inflation fears, lifting bond yields, which are supposedly weighing over crypto. The U.S. stocks, meanwhile, hover near record highs, driven by AI optimism.

Bitcoin is not at the center of this geo-economic and AI repricing.

It is no surprise, therefore, that U.S. spot bitcoin ETFs continue to bleed, recording $1.15 billion in outflows this week after $1 billion last week, according to SoSoValue. The Coinbase premium, a key gauge of U.S. demand relative to the rest of the world, has hit monthly lows.

Analysts have repeatedly emphasized that these indicators need marked improvement before a sustained rally can take hold. The question is whether that will happen while markets remain fixated on geopolitics and AI.

In the meantime, certain corners of the crypto market, particularly on-chain perpetuals and quantum-resistant tokens, continue to show strength, driven by specific news and narratives, as we discussed Thursday. Layer-1 blockchain Near Protocol’s token (NEAR) is the latest addition to that group, surging over 25% in the past 24 hours following the announcement of a major upgrade focused on automated scaling and quantum resilience.

In traditional markets, Nasdaq futures have surrendered early gains and are trading largely flat. Analysts remain broadly bullish on stocks following the latest earnings season. Stay alert.

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

  • ZachXBT flags $520K Polymarket exploit on Polygon, team says funds are safe (CoinDesk): Polymarket is aware of reports tied to its rewards payout system and emphasized that user funds and market resolutions remain safe, describing the issue as an internal one rather than a broader contract exploit. Further updates are expected.
  • Near Protocol to automate its own growth and its token is skyrocketing (CoinDesk): Near’s forthcoming upgrade will allow the network to scale dynamically without human intervention. The market is approving, driving up NEAR by 27% in the last 24 hours to $2.25.
  • Asian shares track Wall Street gains and oil prices climb on uncertainty over the Iran war (AP): Asian shares advanced Friday following modest gains on Wall Street, while oil prices rose as efforts to end the Iran war yielded limited results. Oil prices Thursday in U.S. trading, alleviating pressure from the bond market as yields fell.
  • Treasury yields fall as investors digest week of bond market volatility (CNBC): U.S. Treasury yields fell Friday after a week of volatility that saw borrowing costs rise to multi-year highs in response to renewed concerns about inflation. The yield on the 10-year Treasury note fell more than 2 basis points to 4.564%.

Today’s signal

HYPE's daily price swings in candlestick format. (TradingView)

HYPE’s 14-day Relative Strength Index (RSI) has surged above 70. While readings above 70 are widely labeled as “overbought,” this interpretation is often misleading.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. A reading above 70 simply signals strong bullish momentum and suggests that the uptrend may still have room to run. It does not automatically mean the asset is overvalued or due for an imminent reversal, as the popular narrative often implies.

In strong trending markets, RSI can remain elevated for extended periods without triggering a meaningful pullback.

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