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Crypto Exchange ChangeNOW Returns $430K in Bitcoin to Hack Victim

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Crypto Exchange ChangeNOW Returns $430K in Bitcoin to Hack Victim

December 28
19:45 2023

ChangeNOW, a leading cryptocurrency exchange, has announced the successful recovery and return of approximately 10.6 Bitcoin (BTC), valued at around $430,000, to a victim of a SIM swap hack. The incident, which occurred in September 2023, is another signal of the evolving threats in digital finance and underscores the importance of swift and coordinated responses.

The Incident and Response

The incident began with an unauthorized access to the victim’s crypto exchange account, executed through a sophisticated SIM card swap. The perpetrators managed to transfer the funds to an external wallet, potentially leading to a significant financial loss. However, the victim’s prompt action in reporting the incident to law enforcement, coupled with ChangeNOW‘s cutting-edge risk system, set the stage for a swift interception of the funds.

ChangeNOW’s risk system, designed to detect and prevent fraudulent activities, identified suspicious transactions originating from wallets linked to the perpetrator. Acting swiftly, ChangeNOW’s team worked in concert with local law enforcement authorities, leveraging their advanced anti-fraud and anti-money laundering (AML) mechanisms. This collaborative effort proved decisive in tracing, securing, and ultimately returning the stolen funds to their rightful owner.

Understanding SIM Swap Hacks

A SIM swap hack, a formidable and increasingly common type of cyber attack, involves fraudulently switching a victim’s mobile phone service to a new device controlled by the attacker. By gathering personal information and deceiving the mobile carrier, hackers can hijack phone numbers to gain unauthorized access to critical information and accounts. This method allows them to intercept authentication messages, compromise email and social media accounts, and initiate unauthorized financial transactions.

ChangeNOW’s Proactive Measures

ChangeNOW’s effective response to this incident is a testament to their robust anti-fraud framework. With a series of AML mechanisms designed to detect and mitigate fraudulent activities, the platform has successfully recovered over $20 million in funds lost to fraud and hacking incidents. These measures are crucial in maintaining the integrity of transactions and safeguarding user assets in the volatile realm of cryptocurrency.

This successful operation underscores ChangeNOW’s commitment to user security and the efficacy of its preventive and reactive strategies in the face of evolving cyber threats. By setting a high standard in collaboration and rapid response, ChangeNOW not only restored substantial funds to the victim but also reinforced the trust and safety vital to the world of digital finance.

About ChangeNOW

Recognized for its robust security measures, user-friendly platform, and customer-centric philosophy, ChangeNOW facilitates over 900 coin exchanges and 150,000+ trading pairs without any limits.

For media inquiries, please contact:

Company Name: ChangeNOW
Contact Person: Karina A.
Email: [email protected]
Phone: +3197010280767
City: Kingstown
Country: Saint Vincent and the Grenadines
Website: https://changenow.io

Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

Media Contact
Company Name: Commerce Media Studio
Contact Person: Drew Chapin
Email: Send Email
Country: United States
Website: https://commercemedia.studio

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