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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Crypto Currency

Strategy Puts Almost $1.1 Billion Into Preferred Stock Buybacks Since October, Dwarfing Bitcoin Spending

TLDR Strategy bought 1,036 Bitcoin for $81.9 million last week, its second straight weekly buy. It spent $188.3 million on Stretch preferred share buybacks in the same week. Buybacks since October total about $1.06 billion, versus $219.7 million spent on Bitcoin. Holdings now stand at 850,364 Bitcoin…

TLDR Strategy bought 1,036 Bitcoin for $81.9 million last week, its second straight weekly buy. It spent $188.3 million on Stretch preferred share buybacks in the same week. Buybacks since October total about $1.06 billion, versus $219.7 million spent on Bitcoin. Holdings now stand at 850,364 Bitcoin…
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Crypto Currency

Bitcoin could dip to $67k amid $1.3 billion ETF outflows

Key takeaways Bitcoin (BTC) trading volume surged more than 200% over 24 hours as the cryptocurrency fell toward $75,000.  US spot Bitcoin ETFs recorded approximately $1.3 billion in weekly net outflows, while the Crypto Fear and Greed Index dropped to 28.  Bitcoin risks extending its decline toward $71,500 and $67,000 after losing its 200-day Exponential


Key takeaways

  • Bitcoin (BTC) trading volume surged more than 200% over 24 hours as the cryptocurrency fell toward $75,000. 
  • US spot Bitcoin ETFs recorded approximately $1.3 billion in weekly net outflows, while the Crypto Fear and Greed Index dropped to 28. 
  • Bitcoin risks extending its decline toward $71,500 and $67,000 after losing its 200-day Exponential Moving Average (EMA). 

Bitcoin (BTC) remains under heavy selling pressure as trading activity surges and investors reassess the cryptocurrency market’s outlook following the US midterm elections.

The world’s largest cryptocurrency recently fell toward $75,000, triggering a sharp increase in market activity. 

Bitcoin’s trading volume jumped more than 200% over 24 hours, reflecting heightened volatility as traders reacted to deteriorating sentiment and significant leveraged position liquidations.

Bitcoin ETF outflows reach $1.3 Billion as institutional investors retreat

Institutional demand for Bitcoin has weakened sharply, with US spot ETFs recording substantial withdrawals during the latest market correction.

According to SoSoValue, Bitcoin ETFs experienced approximately $1.3 billion in net outflows over the past week.

The outflows continued, with another $201.80 million withdrawn from the funds on Monday. 

The persistent redemptions suggest that institutional investors are becoming increasingly defensive amid regulatory uncertainty and broader cryptocurrency market weakness.

Consequently, sustained withdrawals can influence market sentiment and potentially increase selling pressure.

The latest outflows also suggest that Wall Street investors are adopting a more cautious approach toward cryptocurrency investments.

The deterioration in market sentiment is also reflected in the Crypto Fear and Greed Index.

The widely followed sentiment indicator has declined to 27, placing the cryptocurrency market firmly in Fear territory.

This represents a substantial shift from approximately 45 days earlier, when the index reached 80, indicating Extreme Greed.

The sharp reversal suggests that investors have moved from aggressive risk-taking toward a more defensive approach.

The Fear and Greed Index considers several market indicators, including volatility, momentum, trading activity, and broader investor sentiment.

Bitcoin technical outlook: BTC risks falling toward $67,000

Bitcoin’s technical outlook has weakened considerably following its recent decline toward $75,000.

The cryptocurrency briefly rebounded from the psychological support level during the latest trading session, but its broader structure remains bearish after falling below the 200-day Exponential Moving Average (EMA).

Trading below this moving average suggests that Bitcoin’s previous bullish momentum has weakened, potentially encouraging additional selling.

Momentum indicators reinforce the negative outlook. The daily Relative Strength Index (RSI) has fallen below 40, indicating deteriorating buying momentum and suggesting that sellers remain in control.

If Bitcoin fails to reclaim the $75,000 resistance level, the next important downside target lies around $71,500

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Crypto Currency

Bitcoin Slips Under $75K as Peter Schiff Says Sell Before a Short Window Closes

Economist and gold advocate Peter Schiff is urging bitcoin holders to sell now, warning that BTC’s slide below $75,000 leaves only “a short window before the crash.” “Make Sure to Sell” Schiff spelled out his case on X on Monday as markets diverged, stating: “In case Bitcoiners haven’t noticed…

Economist and gold advocate Peter Schiff is urging bitcoin holders to sell now, warning that BTC’s slide below $75,000 leaves only “a short window before the crash.” “Make Sure to Sell” Schiff spelled out his case on X on Monday as markets diverged, stating: “In case Bitcoiners haven’t noticed…
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Crypto Currency

MARA Stock Rises 5% as Miner Sells 40% of Its Bitcoin Stash

TLDR MARA Holdings (MARA) closed at $6.64 and was flat after hours following a 4.5% gain in the regular session. The miner sold 13,597 BTC for about $1.1 billion after September ended. It used $750 million to repay every loan backed by its bitcoin. Q3 revenue fell 35% to $164 million…

TLDR MARA Holdings (MARA) closed at $6.64 and was flat after hours following a 4.5% gain in the regular session. The miner sold 13,597 BTC for about $1.1 billion after September ended. It used $750 million to repay every loan backed by its bitcoin. Q3 revenue fell 35% to $164 million…
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