Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Monday, September 11th, and today we are catching up on everything

in the cryptosphere from last weekend, including the founder of Ethereum getting hacked.

Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it,

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Hello, friends. Hope you had a great weekend. Like I said, today, we are doing a grab bag catching

up on just a ton of news. And let's start with the weird one. On Saturday, Ethereum co-founder

Vitalik Buteran's Twitter account was compromised.

The attacker used the account to tweet about a time-limited NFT promotion.

Users that followed the link that tried to mint the NFT instead had their wallet drained.

Around 700,000 in crypto tokens and NFTs were stolen.

Now, the attack followed a similar pattern to many sim swap attacks which have plagued

high-profile crypto figures recently. An attacker fraudulently obtains control over the target's phone

number and then uses two-factor authentication to gain access to Twitter or other services.

The attacker then posts a link to a poison transaction for victims to sign. According to

Unchain Sleuth, Zach XPT, there have been more than 53

sim swap attacks over the past four months, which have led to the theft of over 13.3 million in

crypto assets. Now, at this stage, we don't know exactly how the attacker gained access to Vitalik's

Twitter account. Some assume that Vitalik would be using more complicated security design than simple

phone number-based 2FA. If so, this attack speaks to much more sophisticated attacks targeting crypto figures.

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