Conflux Network (CFX) is up nearly 500% in the past week with CFX emerging as one of the best-performing crypto assets in 2023 as China appears to be warming to cryptocurrency trading. What is Conflux Network? Interestingly, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public and permissionless blockchain in China. Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake mechanism. CFX's price has rallied nearly 1,335% year-to-date (YTD) to reach $0.3254 as of Feb. 24, its highest level in fourteen months. In comparison, the combined market capitalization of crypto assets …

Noah Davis, the nonfungible token (NFT) specialist at auction house Christie’s, has said he’s leaving the position in July to take up a post as brand lead for the CryptoPunks NFT collection with Yuga Labs. Announcing the move on Sunday in a Twitter thread, Davis looked to quash any anxieties holders had regarding the future of one of the oldest NFT projects, saying he “will not f*ck with the punks.” What does that mean? It means no Punks on lunchboxes or cringe TV shows/shitty movies. It means no arbitrary rushed utility or thoughtless airdrops. It means if you love your …

Telecoms provider T-Mobile has become the latest corporate name to come under fire for its alleged negligence and failure to protect customer information, which indirectly enabled a "SIM swap attack" that led to the successful theft of $450,000, or 15 Bitcoin (BTC). A SIM swap attack — also referred to as a port-out scam — has proved to be a popular tactic with criminals in recent years. Such an attack involves the theft of a victim’s cell phone number, which can then be used to hijack the victim's online financial and social media accounts by intercepting automated messages or phone …

Caitlin Long, founder and CEO of Avanti Financial, is asking crypto users and others to testify in support of a piece of legislation which could help stop SIM swap attacks. In a tweet posted today, Long requested that any of her 70,500 followers who had been the victim of a SIM swap testify for the Wyoming legislature on Dec. 16. According to the Wyoming State Legislature website, the Avanti CEO will join members of the Select Committee on Blockchain, Financial Technology and Digital Innovation Technology online to discuss the issue of SIM swaps. Also in attendance will be Joel Revill, …

In the US alone, over $55m has been stolen through SIM swapping attacks since 2018. NEM, a blockchain-based ecosystem, believes that decentralized apps could provide a meaningful solution to this problem. According to NEM, they’re working with a solution called “FIX Network”, which was established to help mobile subscribers secure private keys and transactions on SIM cards. The network leverages a blockchain-based protocol to support the security and privacy of mobile subscribers, NEM explains: “This unique architecture will allow mobile operators to deliver services such as digital identity management, cryptocurrency wallets, and personal data firewalls, all enabled by the safekeeping …

Californian Richard Yuan Li, 20, has been charged with conspiracy to commit wire fraud for his role in SIM-swap attacks targeting at least 20 individuals, as well as the attempted extortion of a New Orleans-based doctor and cryptocurrency investor known only as ‘Investor A.’ Li is believed to have collaborated with others from January 2018 until February 2019 to defraud numerous victims through SIM-swapping attacks, with some of the co-conspirators remaining unknown to the United States Attorney’s Office. SIM-swaps involve rerouting a victim’s SIM to a phone in possession of the attackers, allowing them to gain access to personal information …

AT&T is again seeking to have punitive damages claims of $200 million dismissed in an ongoing court case between the telecoms giant and crypto investor Michael Terpin — who asserts he lost $24 million in crypto as a result of AT&T’s negligence in 2018. In response to Terpin’s second amended complaint — filed with the court on March 16, AT&T is seeking to have two of his eight claims dismissed, alongside $200 million in punitive damage claims. Speaking to Cointelegraph, AT&T’s Jim Kimberley stated: “Fraudulent SIM swaps are a form of theft committed by sophisticated criminals. It is unfortunate that …

Gregg Bennett, a SIM-swap hack victim and angel investor, sued cryptocurrency exchange Bittrex over allegedly allowing the theft of nearly $1 million in Bitcoin (BTC). According to a press release published on Oct. 30, Bennett believes the exchange violated its own security standards and allowed hackers to steal his cryptocurrency in April. The lawsuit, filed in King County Superior Court, suggests that the exchange committed “unfair and deceptive acts that misrepresented its level of security." A SIM-swapping attack The hackers reportedly took control of Bennett’s mobile number and then used it to access his online accounts, including Bittrex, on April …

Cryptocurrency and telecommunications company Telx Technologies announced the launch of the first crypto SIM card wallet that enables transactions via SMS. According to the company’s Medium post published on Aug. 22, the card allows its users to send cryptocurrencies via SMS with their dedicated crypto phone number. Notably, these transactions do not require a smartphone or an active Internet connection. On the other hand, the system also offers no control over a user’s crypto wallet. Crypto transactions on “dumbphones” As the crypto community tried to teach those new to the space during the “Proof of Keys” event in January, there …

Elliot Gunton, aged 19 and of Mounteney Close in Norwich, pleaded guilty to supplying online personal data and hacking services for cryptocurrency. A hacker for hire A press release published on Aug. 16 by the Norfolk police reports that the man was sentenced to 20 months in prison and ordered to pay back more than £400,000 (over $485,000) by the Norwich Crown court. Per the report, the police seized his laptop in April last year after finding the software which allowed him to commit cybercrimes. The discovery was reportedly made during a routine visit to Gunton’s home due to a …

The federal judge overseeing Terpin Vs. AT&T has dismissed the motion. This news is the latest in a legal battle pertaining to crypto stolen via SIM-swapping that has been going on for almost a year industry news outlet, The Block, reports on July 26. As Cointelegraph previously reported, in August last year Terpin filed a lawsuit against AT&T, since he believes that the telecoms giant had provided hackers with access to his phone number, which led to a major crypto heist. Earlier this month the federal judge overseeing the case has also denied the telecom giant’s motion for dismissal. Per …

Sean Coonce, engineering manager at cryptocurrency custodian BitGo, announced that he has fallen victim to a SIM swapping hack in a Medium post published on May 20. According to the post, Coonce had over $100,000 siphoned out of his account on cryptocurrency exchange Coinbase in under 24 hours. In his post, Coone details SIM swapping, a practice that sees the attacker maliciously requesting a telecommunications carrier to redirect the traffic of a mobile phone number to a device over which they have control. This device is then used to obtain two-factor-authentication (2FA) codes which grant control over the victim’s online …