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

Elizabeth Warren Plans Prediction Market Crackdown as She Prepares to Chair Senate Banking

Bitcoin Magazine Elizabeth Warren Plans Prediction Market Crackdown as She Prepares to Chair Senate Banking A Warren banking aide says the incoming Senate Banking chair will target prediction markets’ “Wild West-style lack of oversight,” after she and Sen. John Curtis pressed Kalshi and Polymarket on election trading…

Bitcoin Magazine

Elizabeth Warren Plans Prediction Market Crackdown as She Prepares to Chair Senate Banking
A Warren banking aide says the incoming Senate Banking chair will target prediction markets’ “Wild West-style lack of oversight,” after she and Sen. John Curtis pressed Kalshi and Polymarket on election trading…
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Crypto Currency

Bitcoin price prediction Today – Is Monday’s BTC Rebound a Dead-cat Bounce? 

The post Bitcoin price prediction Today – Is Monday’s BTC Rebound a Dead-cat Bounce?  appeared first on Coinpedia Fintech News Even though Bitcoin (BTC) briefly rebounded above $75,000 on Monday, November 11, 2026, the crypto Fear and Greed Index showed that traders are fearing a potential dead-cat bounce…

The post Bitcoin price prediction Today – Is Monday’s BTC Rebound a Dead-cat Bounce?  appeared first on Coinpedia Fintech News
Even though Bitcoin (BTC) briefly rebounded above $75,000 on Monday, November 11, 2026, the crypto Fear and Greed Index showed that traders are fearing a potential dead-cat bounce…
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Crypto Currency

Bitcoin holds near $75,000 after tech stock rout, altcoins suffer steeper losses

A record hack, a blue wave and a tech stock rout have given Bitcoin investors plenty to worry about. Yet the leading cryptocurrency has fallen only about 1% in the past 24 hours and now trades near $75,000. “It could have gotten hit a lot harder,” said John LaForge, chief alternatives strategist at Ned Davis

A record hack, a blue wave and a tech stock rout have given Bitcoin investors plenty to worry about. Yet the leading cryptocurrency has fallen only about 1% in the past 24 hours and now trades near $75,000. “It could have gotten hit a lot harder,” said John LaForge, chief alternatives strategist at Ned Davis Research. “The fact that it’s still… holding the 75 to 80 [range], I consider it a mild positive.”

Bitcoin’s latest decline came after weekend revelations about Nvidia CEO Jensen Huang’s affair—and the company’s subsequent investigation into whether he was targeted by Chinese intelligence. The news followed two other setbacks for the industry: a Democratic takeover of Congress that dealt losses to crypto-backed candidates, and a hack that drained roughly $6.3 billion from Binance, the world’s largest centralized crypto exchange.

Broader macro pressures haven’t helped either. The tech-heavy Nasdaq dropped over 5% last week in response to fears of a broad selloff in AI stocks. Investors now await Tuesday’s inflation report, which economists expect to show a further rise in consumer prices. Traders also anticipate a Federal Reserve rate hike in December—another potential headwind for crypto markets.

The cryptocurrency has suffered much sharper selloffs in the past. In October 2025, President Donald Trump’s threat of steep new tariffs on Chinese imports triggered more than $19 billion in crypto liquidations within a day. In June, Bitcoin fell below $60,000 to its lowest level of 2026, amid persistently high interest rates and heavy outflows from Bitcoin exchange-traded funds.

Bitcoin’s resilience may say more about how far it has already fallen than about the latest bad news, according to Ish Asad, crypto research analyst at asset manager Bitwise. 

“I think a lot of the bad news was priced in already. It’s not to say that it’s not going to chop sideways for a little bit longer, but I think the bottom is clearly in,” he said, referring to Bitcoin’s  June low. 

Asad argued that an earlier exodus from crypto into AI investments had left fewer investors ready to sell Bitcoin, which helped cushion its response to the recent turmoil.

That hasn’t been the case for altcoins—the industry term for cryptocurrencies other than Bitcoin.

Ether, the second-largest cryptocurrency and the native token of the Ethereum blockchain, has fallen nearly 5% over the past day. XRP, the token associated with Ripple, has posted similar daily losses and is down nearly 12% over the past week. Other major cryptocurrencies have also declined.

LaForge sees the gap as a familiar pattern: “Eventually when prices come down across the board, Bi

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Crypto Currency

North Korea Is Minting Its Own Meme Coins to Launder Binance Hack Loot

Bitcoin Magazine North Korea Is Minting Its Own Meme Coins to Launder Binance Hack Loot Elliptic says North Korean launderers created six throwaway meme tokens on NEAR between Nov. 5 and 7, moving about $430,000 of stolen Binance funds through homemade liquidity pools. This post North Korea Is Minting Its Own Meme Coins to Launder

Bitcoin Magazine

North Korea Is Minting Its Own Meme Coins to Launder Binance Hack Loot
Elliptic says North Korean launderers created six throwaway meme tokens on NEAR between Nov. 5 and 7, moving about $430,000 of stolen Binance funds through homemade liquidity pools.
This post North Korea Is Minting Its Own Meme Coins to Launder Binance Hack Loot first appeared on Bitcoin Magazine and is written by Micah Zimmerman…
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