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

Bitcoin tends to outperform gold and stocks after global shocks, Mercado Bitcoin finds

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin tends to outperform gold and stocks after global shocks, Mercado Bitcoin finds The study analyzed 60-day windows after economic or geopolitical shocks and found that Bitcoin posted stronger returns than gold and the S&P 500 in each period. By Francisco

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Bitcoin tends to outperform gold and stocks after global shocks, Mercado Bitcoin finds

The study analyzed 60-day windows after economic or geopolitical shocks and found that Bitcoin posted stronger returns than gold and the S&P 500 in each period.

By Francisco Rodrigues|Edited by Aoyon Ashraf
Apr 4, 2026, 6:56 p.m.
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What to know:

  • A study by Mercado Bitcoin found that bitcoin tends to outperform traditional safe-haven assets like gold in the 2 months following major global crises.
  • The study analyzed 60-day windows after economic or geopolitical shocks and found that bitcoin posted stronger returns than gold and the S&P 500 in each period.
  • Despite its volatility, bitcoin has consistently bounced back after crises and has been the best-performing asset of the past decade, according to the study’s author, Rony Szuster.

Bitcoin tends to outperform traditional safe haven assets like gold in the two months following major global crises, according to new analysis from Brazilian crypto exchange Mercado Bitcoin.

The study, led by Rony Szuster, head of research at the Latin American crypto platform, examined 60-day windows after economic or geopolitical shocks such as the COVID-19 outbreak and U.S. tariff escalations. Bitcoin posted stronger returns than both gold and the S&P 500 in each of the periods analyzed.

In April last year, after the Trump administration announced sweeping tariffs, the price of bitcoin jumped 24% over the following 60 days. Gold rose 8%, and the S&P 500 gained 4%, the firm found.

A similar pattern emerged at the onset of the COVID-19 pandemic in March 2020, when BTC rose 21%, while the other assets trailed.

(Mercado Bitcoin)

Szuster cautioned that judging bitcoin’s performance too soon after a crisis can be misleading.

“It’s like watching the first few minutes of a movie and thinking you already know how it ends,” he said. “In moments like this, investors sell positions to reduce risk or raise cash, and even defensive assets can fall.”

That happens as investors scramble for liquidity, yet bitcoin has consistently bounced back, the firm found. The pattern appears to be repeating in the current U.S.-Iran conflict, where bitcoin is the only one of the three assets in positive territory so far, according to Szuster.

Data backs this up. Since the war started, bitcoin has risen by more than 2.2%, from around $65,800 to $67,300 at the time of writing. Gold, the traditional safe haven, has meanwhile dropped around 11%, while the S&P lost 4.4% of its value in the index’s steepest monthly drop since 2022.

Despite its volatility, bitcoin was the best-performing asset over the past decade, he added.

Read more: Bitcoin’s recent crash to $60,000 warned stocks first – now they’re following

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