For a long time, security experts have warned that text messages are vulnerable to hijacking — and this morning, they showed what it looks like in practice. A demonstration video posted by Positive Technologies (and first reported by Forbes) shows how easy it is to hack into a bitcoin wallet by intercepting text messages in transit.
The group targeted a Coinbase account protected by two-factor authentication, which was registered to a Gmail account also protected by two-factor. By exploiting known flaws in the cell network, the group was able to intercept all text messages sent to the number for a set period of time. That was enough to reset the password to the Gmail account and then take control of the Coinbase wallet. All the group...
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