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BitGo engineering manager loses $100k in Bitcoin scam

bitgo employee hacked bitcoin

BitGo’s engineering manager Sean Coonce, while talking to media revealed that he fell prey to a SIM swapping hack. As per reports, Sean had approximately a hundred thousand dollars ($100,000) drained off of his account on Coinbase in less than 24 hours.

In his report, Sean told about SIM swapping as an exercise that perceives the mugger malevolently demanding a telecom carrier to relay the traffic of a cell phone number to a device in their control.

The device is later used for obtaining two-factor-authentication (2FA) codes that allow control over the prey’s online account.

After providing details about the method of attack Sean recorded his suggestions to avert similar attacks in future including the use of hardware wallets to protect private crypto holdings and employing a YubiKey for two-factor-authentication (2FA).

For cases where YubiKey could not be maintained, he suggested using Google Voice two-factor-authentication (2FA), since he asserts that numbers are not at risk to SIM swapping.

To finish, Sean also added to use a password manager and reducing a user’s personal online trail by sharing the least private information publicly online.

He said that he could not stop thinking about the minor, stress-free steps he could have taken to safeguard himself. With his immature security does, he was worthy of getting hacked.

According to recent media reports, Michael Terpin-US’s blockchain and crypto investor won more than seventy-five million dollars ($75.8 million) in a case against young Nicholas Truglia, who allegedly conned Terpin of crypto-assets via SIM swapping.

A few weeks ago, the American Department of Justice released a fifteen-count summons charging The Community- a hacking group, with SIM swapping and stealing crypto resources.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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