Yiliang “Doublelift” Peng, a professional gamer known for his League of Legends skill, has allegedly been robbed of $200,000 in cryptocurrency by hackers who staged a sim swap to gain access to Peng’s Coinbase account.
According to a video posted by Peng last week, the hackers were able to pull off the fraud by first impersonating him while calling T-Mobile, in order to prompt the wireless provider to transfer Peng’s current cell phone number to a new sim card. This practice is commonly referred to as “sim swapping.”
From that point, the hackers were able to gain access to Peng’s Coinbase account and two-factor authentication (2FA) codes, providing uninhibited access to his funds and bank account.
Peng notes in the video that this hacker was particularly skilled, in that he worked to alter the Peng’s inbox to redirect all Coinbase emails to a new address. This allowed the hackers to empty Peng’s account without raising any red flags.
Eventually, Peng’s account was overdrawn and the bank promptly alerted him to the issues, which prompted Peng to take action to determine the cause of the hack. Given that fraudulent withdrawals are covered by most banks, Peng will likely be able to recover his lost funds.
These types of events are all too common still in the cryptocurrency industry, and this latest story emphasizes the need for publicly visible investors to take the proper security precautions at all times.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.