According to Cointelegraph, SlowMist Chief Information Security Officer 23pds said that hacking attacks based on SIM swapping are not very common at present, but have great potential to rise further in the near future.

He said that as Web3 becomes more popular and attracts more people to the industry, the possibility of SIM swap attacks will increase due to its relatively low technical requirements. He also mentioned some cases involving SIM swap hacks in cryptocurrencies in the past few years, such as in October 2021, hackers stole cryptocurrencies from at least 6,000 customers due to a 2FA vulnerability. SIM swap hacks are a form of identity theft in which attackers take over the victim's phone number, giving them access to bank accounts, credit cards or crypto accounts.