Authentic investigative journalism and unfiltered creative commentary

Monday, June 30, 2025

Everyone’s looking the wrong way. While the industry obsesses over bridge exploits, validator collusion, or MEV front-runs, wallets keep getting emptied by one of the oldest, dumbest, and most effective attack vectors in cybercrime: SIM swaps. This isn’t some cutting-edge zero-day. It’s call center jiu-jitsu. It’s social engineering wrapped in telecom bureaucracy. And it’s killing people quietly.

You don’t control your phone number. You lease it from a barely functioning telco stack that’s duct-taped together with outdated procedures and underpaid staff. If your two-factor authentication runs through a mobile number, you’re not using security — you’re cosplaying it.

All it takes is one convincing phone call and a support agent with low critical thinking, and suddenly your number isn’t your number anymore.

From there, the pipeline activates. They don’t even need to find you manually — your login credentials are already in a credential dump somewhere, thanks to one of the dozen password leaks that happened this year. Once they’ve got the number, they reroute your messages, bypass your MFA, and start the password reset parade. Email, exchange, wallet app, cloud storage. It’s all within reach.

And the worst part? You won’t know it’s happening until your signal dies. That moment of silence — that’s your net worth walking out the door.

This isn’t a theoretical risk. It’s an entire business model.

There are Telegram groups dedicated to real-time SIM swap requests. Brokers who buy and sell access to telco insiders.

Phishing-as-a-service gangs that package everything up with shiny dashboards and customer support. You can rent a wallet drainer for less than a weekend in Mykonos.

The barrier to entry is low. The payouts are high.

And the victims? Usually the loudest ones preaching about decentralization on Twitter, ironically crying for help from their Google accounts.

The worst part is that crypto still hasn’t taken it seriously. Protocols obsess over smart contract audits while their admins store seed phrases in cloud-synced note apps. Self-custody isn’t a security blanket if you recover your accounts with a phone number. For all our on-chain bravado, the actual threat vector lives off-chain — and it’s still farming retail users like it’s 2017.

Ignore the hype. SIM swaps aren’t outdated. They’re not going away. They’re just getting faster, cheaper, and more automated.

And until this industry stops pretending that decentralization solves everything, they’ll keep draining wallets — one silent signal drop at a time.

EthCC Cannes is calling. Not in the Club?

While you're catching up, others are already in — unlocking perks, skipping lines, and getting the real experience in Cannes.

Rekt Club isn’t just a subscription. It’s access — and here’s what our members are already enjoying:

• Stable Summit Entry – €300 ticket? Covered. Club members already have their codes.

• The REKT Newspaper – Printed like it’s 1995. We’ll be handing them out — if you know who to ask.

• Limited Edition T-Shirt – Clean design, limited run. Sizes are locked in for Club OGs.

• Private Villa meetup – Poolside meetup. High signal, low noise. Invite-only.

• Rooftop Brunch – Good views, better conversations. No panels, just people.

• OG Garage – Founders pitching. VCs listening. The room where it happens.

If this sounds like your scene, you know what to do.

Rekt Club — still open, for now.

If you’ve got questions, ask the source — [email protected] knows.

•Telegram Purged Chinese Crypto Scam Markets—Then Watched as They Rebuilt [Read more]

•Malware on Google Play, Apple App Store stole your photos—and crypto [Read more]

•The Modern Cop: How OSINT Is Reshaping Day-to-Day Law Enforcement [Read more]

•Hackers Impersonate Coinbase User Support To Scam Victims of $4 Million Before Blowing Most of Money on Gambling: ZachXBT [Read more]

•The crypto trap that won’t let you sell — and how to avoid it [Read more]

•EXPLAINED: THE NOBITEX HACK (JUNE 2025)
What looked like a heist was really a cyber strike — with Nobitex’s $90M vault emptied not for profit, but for protest. Instead of routing funds through mixers, the attackers burned them on-chain into vanity addresses like propaganda postcards. Then they dropped source code leaks like Molotov cocktails, putting the whole platform in jeopardy. This wasn’t some North Korean phishing op. It was political sabotage in EVM syntax.

•Maturing your smart contracts beyond private key risk
Everyone’s chasing Solidity gremlins while the real exploit is sitting in someone’s Telegram DM. Protocols are obsessing over line-by-line audits while ignoring their god-mode multisigs and unaudited access control. If your admin wallet gets drained, no audit badge is going to bring your TVL back.

•Threshold Cryptography II: Unidentifiability in Decentralized FROST Implementation
In decentralized FROST, everyone’s a coordinator. And if just one player lies? Honest signers get labeled as malicious, while the actual attacker waltzes away with plausible deniability.

•The Security Risks of Stablecoins: How Hackers Exploit Centralized and Decentralized Issuers
Whether backed by banks or algorithms, stablecoins are soft targets. Custodians get hacked. Contracts get drained. Pegs snap. And users? They’re left holding the bag.

•OtterCookie: Analysis of Lazarus Group Malware Targeting Finance and Tech Professionals
OtterCookie hides in legit-looking repos, steals Solana and Exodus wallets, and drags in InvisibleFerret for round two. Lazarus just leveled up.

The biggest insider trading hack in U.S. history wasn’t pulled off by Wall Street quants — it was a cybercrime syndicate in Ukraine farming market-moving press releases like a trading cheat code.

We provide an anonymous platform for whistleblowers and DeFi detectives to present their information to the community. All authors remain anonymous. 
We are all rekt.