Here’s what happened in crypto today
Ethereum co-founder Vitalik Buterin has confirmed the hacking of his X (Twitter) account over the weekend was caused by a "SIM-swap attack," a technique used by hackers to gain control of a victim’s mobile phone number. Meanwhile, the extent of FTX’s financial woes was revealed in a shareholder presentation on Sept. 11 and Biance regional markets head Richard Teng said in an interview that, despite regulatory scrutiny, the company has no parallels to FTX.
Vitalik Buterin says SIM swap led to his X account being taken over
Ethereum co-founder Vitalik Buterin has confirmed that the recent hack of his X (Twitter) account was the result of a SIM-swap attack.
A SIM-swap or simjacking attack is a technique used by hackers to gain control of a victim’s mobile phone number. With control of the number, scammers can use two-factor authentication (2FA) to access social media, bank, and crypto accounts.
On September 9, scammers took control of Buterin's X account and posted a fraudulent NFT giveaway, luring users to click a malicious link, resulting in victims losing a total of over $691,000.
Buterin confirmed on September 12, while speaking on the decentralized social media platform Farcaster, that he has successfully regained control of his T-Mobile account after the hacker utilized a SIM swap attack. He stated, "Yes, it was a SIM swap, meaning that someone socially-engineered T-Mobile itself to take over my phone number."
FTX shareholder presentation reveals exchange’s current state
The extent of FTX’s financial difficulties was laid out in a shareholder presentation that was released on Sept. 11.
According to the presentation, over 2,300 non-customer claims have been filed against FTX, including by Genesis, Celsius and Voyager. Those claims are worth a staggering $65 billion, but a large chunk are “assumed to be invalid/redundant.”
FTX has over $7 billion in assets made up of crypto, cash, brokerage investments, real estate and venture portfolio. Of note, the company owns 38 properties in the Bahamas worth a combined $222 million.
It was reported that FTX may claw back $86.6 million in political and charitable donations and $190.3 million through potential actions against vendors.
Lawyers of former FTX CEO Sam Bankman-Fried have requested a pre-trial release due to a lack of adequate internet in federal prison. Bankman-Fried’s bail was revoked on Aug. 11 after he was found trying to contact and intimidate former FTX employees in the ongoing lawsuit against him.
Binance's Richard Teng denies FTX comparisons, welcomes scrutiny
Binance's regional markets head, Richard Teng, asserts that the global cryptocurrency exchange is financially secure and not akin to the bankrupt peer FTX, despite recent regulatory scrutiny and regional challenges. Speaking exclusively to Magazine editor Andrew Fenton in Singapore ahead of the 2023 Token2049 conference, Teng addressed various challenges faced by Binance's regional branches and downplayed reports suggesting he would succeed founder Changpeng "CZ" Zhao in the future.
Teng explained that although Binance has encountered diverse issues in the past few years, it has effectively addressed them individually, maintaining financial strength and the ability to process customer withdrawals.
Regarding a recent social media post by CZ that highlighted "negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind-downs, employee turnover," Teng argued that drawing parallels to FTX's failure was unwarranted.
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