The Daily Dose

Nobody is immune to SIM-swapping attacks – and one engineering lead at a cryptocurrency security startup had to learn this lesson the hard way. In a blog post, Sean Coonce, engineering manager at security-oriented cryptocurrency startup BitGo, has detailed how he lost $100,000 in an unfortunate SIM-swapping hack, which saw his entire Coinbase balance drained. It all began on a Tuesday night, when Coonce noticed that his phone didn’t have any cellular service. Moments later, he received a notification that someone is trying to log into his Google Account. He tried entering his password to no avail; ultimately, he decided…

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British investors lost £27 million ($34.38 million) to cryptocurrency scams over the last financial year, according to one of the UK’s financial regulators. The Financial Conduct Authority (FCA) reports that between April 1, 2018 and April 1, 2019 the average loss per victim was £14,600 ($18,500). Reports of cryptocurrency scams also tripled over the same period. While last year there were X cases reported, the FCA notes the number has gone up to 1,800 this year. The FCA’s announcement states that fraudsters often used social media to promote “get-rich-quick” schemes. The FCA’s description of how these scammers rip off their victims…

This story continues at The Next Web