SIM Swap and Account Takeover Crypto Theft

How SIM swap attacks work

In a SIM swap, a criminal convinces or bribes a mobile carrier to move your phone number to a SIM card they control. Your calls and texts, including one-time login codes, go to them. They use 'forgot password' links to take over your email and then your exchange and bank accounts. In other account takeovers, criminals posing as bank or exchange support trick people into sharing passwords and codes. Stolen funds are often moved quickly into crypto.

Warning signs of a SIM swap

Your phone suddenly shows 'No service' or 'SOS only' where it normally works.
A message from your carrier that your SIM or number was moved to a new device.
Password reset emails or login alerts you did not request.
You are locked out of your email or exchange account.
A caller claiming to be your bank or exchange asks for a code sent to your phone.
You have posted publicly about owning crypto.

How to protect yourself from SIM swaps

Add a PIN or passcode and port-out protection to your mobile account.
Use an authenticator app or security key instead of text-message codes for crypto and email accounts.
Never share one-time codes with anyone who contacts you.
Use unique passwords, especially for your email account.
Do not advertise crypto holdings on social media.
Access banking and exchange sites through bookmarks, not search results.

Was your number SIM-swapped? What to do now

Call your mobile carrier from another phone right away to regain control of your number.
Contact your exchanges and bank to lock accounts, reverse or freeze transfers, and reset credentials.
Change your email password and recovery settings first, then other accounts, from a clean device.
Preserve evidence before anything disappears: screenshots of chats, profiles, websites and app screens, plus receipts, emails, and a written timeline. Do not delete conversations or the app. Record times of service loss, alerts, and carrier contacts.
Report it to the FBI at ic3.gov and to the FTC at reportfraud.ftc.gov, even if the amount is small. Include wallet addresses, transaction IDs (hashes), amounts, dates, and every website, app, username, and phone number involved. See /guidance/report-crypto-theft-fbi-ic3. Visit IdentityTheft.gov if personal information was taken.
Watch for recovery scams. Anyone who contacts you offering to get your crypto back for an upfront fee, or who claims to work with the FBI or IC3, is likely a scammer. IC3 says it will never ask for payment to recover lost funds or refer you to a company that does. See /guidance/can-stolen-crypto-be-traced.

SIM swaps: common questions

How do I know if I’ve been SIM swapped?

Your phone suddenly shows “No service” or “SOS only” where it normally works, your carrier says your number moved to a new device, or you get password-reset emails and login alerts you didn’t request.

What should I do first?

Call your mobile carrier from another phone to get your number back. Then contact your exchanges and bank to lock your accounts, and change your email password and recovery settings first, from a clean device.

How can I protect my phone number?

Add a PIN or passcode and port-out protection to your mobile account, and use an authenticator app or security key instead of text-message codes for email and crypto accounts.

Can the stolen crypto be traced?

Yes. Once funds leave your exchange or wallet, their path is recorded on the blockchain, and a trace can show whether they reached an exchange that can freeze them. How tracing works.

SIM swap statistics

IC3 received 1,611 SIM swapping complaints with adjusted losses of more than $68 million in 2021. (source)
IC3 received about 4,700 account takeover complaints with $359.7 million in losses in 2025 (all payment methods). (source)

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This guide is general information, not legal or financial advice. ChainWatch is not a law firm and does not guarantee fund recovery.

Sources

The information on this page was checked against the sources listed in September 2026. Laws, agency guidance, company policies and contact details change, so please verify the current information with the original source before you act.