Poland Busts SIM-Swap Gang Accused of Stealing Over $5 Million in Digital Assets

SIM-swap attacks use social engineering or breaches of telecommunications systems to transfer a victim’s phone number to a SIM card controlled by criminals, allowing them to intercept SMS verification codes. Because accounts at cryptocurrency exchanges and other services often use phone-based two-factor authentication, digital assets can be transferred quickly once a number is hijacked.

Poland’s Central Bureau for Combating Cybercrime recently arrested four members of a criminal gang with assistance from the U.S. Federal Bureau of Investigation and Homeland Security Investigations. The suspects allegedly used specialized software to breach telecommunications partner companies, take control of victims’ phone numbers and steal more than $5 million in digital assets. Publicly available information does not specify the exact date of the arrests.