The crypto community is debating whether SMS two-factor authentication (2FA) should ever be used for account security following news that a Coinbase customer is suing the cryptocurrency exchange for $96,000.
On Mar. 6 Jared Ferguson filed a lawsuit against Coinbase in the United States District Court for the Northern District of California, claiming he lost “90% of his life savings” after funds were withdrawn from his account by identity thieves and Coinbase had refused to reimburse him.
Ferguson is said to have fallen prey to a type of identity theft known as “sim-swapping,” which allows fraudsters to gain control of a phone number by tricking the telecom provider into linking the number to their own sim card.
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This allows them to bypass any SMS 2FA on an
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