The hacker behind the Coinsquare attack is now planning to use the data he stole during the attack to steal bitcoin and other digital currencies. The Coinsquare attacker plans to use the personal information he stole from the cryptocurrency exchange in Canada in a series of SIM swap attacks to steal digital currencies.
According to an anonymous attacker during an online chat with the media outlet, “The original intent was to sell it, but we figured we ‘d make more money by swapping SIM accounts.”
SIM swapping tactic to be used by Coinsquare attacker
SIM swapping refers to the action of cloning a victim’s SIM card to develop a copy that works exactly like the original. This strategy will facilitate the criminals in receiving any information that is sent to the original SIM card which includes confirmation codes, 2-factor authentication codes, and many other data.
For instance, access to this information could be used to access the victim’s cryptocurrency exchange accounts and steal BTC among other cryptocurrencies. In fact, SIM Swapping has been a common practice by criminals to steal valuable information from their victims. Last year, two criminals were charged in Massachusetts for using the SIM swapping strategy to steal crypto worth $550,000.
Hacker wanted to prove the exchange wrong
According to the Coinsquare attacker, the Canadian-based crypto exchange annoyed them by claiming to be the most secure cryptocurrency exchange in the country; and he took it as a challenge so as to embarrass them. The anonymous hacker said:
“I set out to embarrass the company for claiming they (sic) the most secure Canadian exchange; and obviously that is a lie.“
Furthermore, the individual revealed evidence that he did actually breach the exchange in the form of a list with email and physical addresses; as well as cellphone numbers of more than 5,000 Coinsquare clients. Notably, Coinsquare users can be relieved that the list did not contain any passwords.