As we all know, the world of cryptocurrency is an incredibly exciting place – rife with innovation and financial opportunity. It creates a terrain flush with opportunity for thieves, especially when it comes to identity theft. Now, as we approach 2025, crypto scams are changing fast. Now they come equipped with more sophisticated ruses that can empty your e-wallets in the blink of an eye, far surpassing basic phishing schemes. Tran Quoc Duy, a seasoned blockchain analyst, emphasizes that staying informed and proactive is the best defense against these threats. KnowingCoin.com gives you the arsenal to dominate and prevail on your chain.

He points to the increase in crypto-related thefts reported publicly from 2022–2025. This troubling trend, supported by new data from Nefture, is a jarring indication of the increasingly sophisticated risks present in the digital currency space. The Cork exploit, as it’s widely known, resulted in an eye-popping $223 million in losses. This latest breach underscores the ongoing need for robust security measures that extend beyond best practice audits. Today, personal protections are equally as important as organizational protections.

For Tran Quoc Duy, determining the future threat landscape is a guiding principle. This article aims to provide readers with a comprehensive understanding of crypto identity theft risks in 2025, emphasizing proactive security measures, and exploring the KYC (Know Your Customer) versus non-KYC platform trade-offs to empower informed decision-making and asset protection. Equipped with essential knowledge and the right tools, everyone can explore the fascinating world of crypto and help protect their digital assets.

Overview of the SIM-Swapping Scam

SIM-swapping, an aggressive form of identity theft, can be catastrophic for crypto holders. The scammer then steals the victim’s phone number by manipulating a mobile carrier. The scammer is then able to transfer that number to a SIM card in which they have full control. Once they have control over the phone number, they can intercept SMS-based 2FA codes. This often provides them the keys to the victim’s crypto accounts.

What Happened to the Canadian Pharmacy Manager

Sabrina Wong, a Canadian pharmacy manager who discussed this with TPA’s on the ground. In his case, scammers went after him and set up a SIM-swap, allowing them access to all his accounts. They later moved to drain his crypto wallets, which amounted to hundreds of thousands of dollars in stolen funds. Yet this case serves as a reminder about the very real and personal impact of SIM-swapping scams.

Understanding SIM-Swapping Techniques

The methods employed in SIM-swapping scams are noticeably more advanced and refined. Scammers can even leverage social engineering techniques to manipulate mobile carrier employees to facilitate the transfer of the phone number. They may even use stolen or forged ID to further pose as the victim. Once the phone number is in the scammer’s control, they can perform password resets on various accounts, including those held on cryptocurrency exchanges and in wallets.

The Importance of NIST CSF Identify

The Identify function is a cornerstone of any robust security strategy. It emphasizes the creation of a pervasive organizational culture in order to effectively govern cyber risk to enterprise systems, assets, data and capabilities. Crypto users and businesses should place heavy emphasis on the Identify function. It’s an important shield against identity theft and other cyber crimes.

Purpose of NIST CSF Identify

The NIST CSF Identify function is designed to help you get an accurate picture of your organization’s assets. It aims to detect the related threats and weaknesses. Begin with determining which systems, data, and people are essential. Next, start to get a smart handle on the regulatory and compliance landscape that will affect the organization. By setting this baseline collective knowledge, agencies can more effectively identify the most pressing security needs and apply resources accordingly.

Critical Role in Operational Resilience

The Identify function is foundational to operational resilience. It gives an organization the ability to resist and bounce back from traumatic occurrences. Without an understanding of assets and risks, organizations will struggle to create comprehensive contingency plans and incident response procedures. This readiness helps them bounce back quickly from not just cyberattacks but all manner of disruptions. This is extremely critical in the cryptocurrency arena, where any downtime or hack may lead to millions of dollars lost.

Practical Applications of NIST CSF Identify

Putting the NIST CSF’s Identify function into action looks like a variety of hands-on actions, from asset inventory to risk assessment. Together, these activities allow organizations to develop a holistic picture of their cybersecurity posture and potential weaknesses.

Basecamp Activities for Implementing Identify (ID)

From an executive perspective, the NIST CSF Identify function is an IT checkbox exercise, and it’s far from that. It’s a supreme strategic imperative and one that must be embraced and rallied around by every level of the organization. Executives need to understand the value of cybersecurity. They need to allocate resources and provide guidance to help them adopt strong security measures. This includes fostering a culture of security awareness and ensuring that all employees understand their role in protecting the organization's assets.

  1. Asset Inventory: Create a comprehensive inventory of all systems, devices, data, and personnel that are involved in cryptocurrency operations.
  2. Risk Assessment: Conduct a thorough risk assessment to identify potential threats and vulnerabilities that could compromise the security of these assets.
  3. Vulnerability Scanning: Regularly scan systems and applications for known vulnerabilities and address them promptly.
  4. Data Classification: Classify data based on its sensitivity and importance, and implement appropriate security controls to protect it.
  5. Identity and Access Management: Implement strong identity and access management policies and procedures to control who has access to critical systems and data.

Executive Perspective: Beyond an IT Checklist

Ignoring the NIST CSF Identify function puts cryptocurrency users and businesses in serious peril. Without knowing what they have to protect and the risks they face, organizations are low-hanging fruit for attackers. These threats result in dire effects such as identity theft, data breaches, and financial losses.

Consequences of Neglecting NIST CSF Identify

Here are some of the risks associated with skipping the Identify function:

Risks Associated with Skipping the Identify Function

The toll on institutional security is disastrous. Not only can a successful cyberattack jeopardize sensitive data, but it can harm business continuity and thrive and affect the organization’s repute. With the cryptocurrency industry operating at a core level on trust and security, once this break occurs, the impact is long-lasting.

  • Increased Risk of Cyberattacks: Without a clear understanding of their vulnerabilities, organizations are more likely to fall victim to cyberattacks.
  • Data Breaches: Data breaches can result in significant financial losses, reputational damage, and legal liabilities.
  • Compliance Violations: Failure to comply with regulatory requirements can result in fines and other penalties.
  • Operational Disruptions: Cyberattacks can disrupt business operations and lead to downtime and lost productivity.

Impact on Organizational Security

After all, in the fast-paced world of cryptocurrency, being seen is everything. To help with information visibility, the NIST CSF Identify function provides a highly effective framework. It provides a roadmap for organizations to identify their assets, evaluate risks, and determine vulnerabilities. Focusing first on the Identify function supports cryptocurrency users and businesses. This rigorous emphasis allows them to create a more effective, more resilient security posture, safeguarding against the emerging and continuing dangers of identity theft and cybercrime.

Conclusion: The Value of Visibility for Resilience

For Tran Quoc Duy, operational resilience is not just a one-time expensive project but an iterative process. It requires continuous monitoring, assessment, and improvement. Don’t wait for an attack—take a proactive approach to your security today. By putting the NIST CSF Identify function first, organizations can lay a solid groundwork for ongoing success in the ever-evolving cryptocurrency landscape.

Final Thoughts on Operational Resilience

This article is the first in a series that will explore the different roles the NIST Cybersecurity Framework can play. To that end, we’ll look at how these functions relate to securing crypto. Look for other blogs in the coming weeks! We’ll dive into the Protect, Detect, Respond and Recover functions in more detail and equip you with good practical guidance, actionable insights to help protect your digital assets. The future of digital asset safety lies in educating communities and fostering better industry collaboration. KnowingCoin.com has the tools you need to own your chain and win the game.

Next Steps in the Series

This article is the first in a series that will explore the other functions of the NIST Cybersecurity Framework and their application to cryptocurrency security. Stay tuned for future articles that will delve deeper into the Protect, Detect, Respond, and Recover functions, providing practical guidance and actionable insights for securing your digital assets. The future of digital asset safety depends on informed communities and stronger industry collaboration. KnowingCoin.com offers the tools to own your chain and conquer the game.