SIM Swap Scams in Crypto and Web3
- Last Updated: October 4, 2026
SIM swapping, also known as SIM hijacking or SIM porting, occurs when a scammer convinces your mobile carrier to transfer your phone number to a SIM card they control.
Once they have access to your phone number, they can use it to:
– Intercept calls and SMS messages.
– Bypass two-factor authentication (2FA) for online accounts.
– Reset passwords for crypto wallets, exchanges, and other digital services.
As shown in the diagram, SIM Swap scams are closely tied to social engineering scams (Ch. 1) and crypto exchange takeovers (Ch. 7).
Unlike other types of scams, which rely on tricking users into revealing their credentials, SIM swapping allows attackers to bypass security measures remotely, often without the victim realizing it until it’s too late.
This makes it one of the most devastating types of digital fraud, especially for crypto users who rely on SMS-based authentication.
Why SIM Swap Scams are So Dangerous
SIM Swap scams are particularly dangerous for crypto users because it allows attackers to take over accounts without needing passwords or malware.
Once a phone number is compromised, attackers can quickly drain wallets, take control of email accounts, and lock victims out of their digital lives.
– Targets Cryptocurrency Holders: Many SIM swap victims lose entire crypto holdings because exchanges often use SMS-based 2FA.
– Bypasses Standard Security Measures: Even if an account has a strong password, SMS-based authentication can still be hijacked.
– Difficult to Detect Until It’s Too Late: Victims often don’t realize their phone number is compromised until they are locked out of accounts.
– Attackers Can Operate Remotely: SIM swaps don’t require malware or hacking skills—only basic personal details and social engineering.
How SIM Swap Scams Affects Web3 and DeFi Users
While most decentralized applications (dApps) and DeFi platforms rely on wallet-based authentication rather than phone-based logins, SIM swapping can still pose a significant risk to Web3 users.
Attackers leverage stolen phone numbers to bypass security measures in services that interact with DeFi, leading to potential account takeovers and crypto theft.
Key risks include:
– Compromised Centralized Services: Many centralized exchanges, fiat on-ramps, and custodial wallets still rely on SMS-based 2FA. A successful SIM swap allows scammers to reset login credentials and drain funds.
– Cloud-Stored Private Keys: Users who store seed phrases or private keys in cloud services may unknowingly expose their assets if these accounts are secured via phone-based authentication.
– Hijacked Email Accounts: If a user’s email relies on SMS recovery, a SIM swap can grant attackers access, leading to broader identity theft and potential crypto-related fraud.
By understanding these vulnerabilities, Web3 users can take proactive security measures, such as avoiding SMS-based 2FA, securing cloud accounts with strong passwords, and using hardware-based authentication methods.
This chapter* explains:
– How SIM Swap scams work and why it’s one of the most dangerous threats to crypto investors.
– Real-world cases of SIM swap fraud and how scammers execute these attacks.
– Actionable security measures to prevent attackers from taking over your digital identity.
*This blog post features a chapter from the book,
The Crypto and Web3 Scams Prevention Guidebook.
Find more chapters and information about the book here >>>
Table of Contents
How SIM Swap Scams Work
SIM swapping is a multi-step attack that exploits weak points in mobile carrier security.
By deceiving customer support agents, scammers gain control of a victim’s phone number, which acts as a gateway to sensitive accounts.
Once the transfer is complete, attackers can intercept calls, receive verification codes, and bypass security measures meant to protect financial and crypto accounts.
Step 1: Social Engineering the Carrier
Scammers exploit human error and lax verification processes to take control of a victim’s phone number.
– The scammer gathers personal information about the victim (e.g., name, phone number, address).
– They contact the victim’s mobile carrier, posing as the account holder.
– Using the stolen information, they convince the carrier to activate the victim’s phone number on a new SIM card.
Step 2: Taking Over Accounts
With the victim’s phone number under their control, scammers can now breach critical accounts tied to SMS authentication.
– Once the phone number is transferred, the victim’s phone loses service.
– The scammer uses the hijacked number to reset passwords, receive 2FA codes, and access accounts.
Step 3: Draining Accounts
Since many crypto exchanges and wallets still use SMS-based 2FA, SIM swapping provides attackers with a direct path to a victim’s funds.
– Scammers often target crypto wallets, exchanges, or accounts containing valuable digital assets.
– By resetting passwords or using 2FA codes, they gain access to funds and transfer them to their wallets.
Common Uses of SIM Swapping in Crypto and Web3 Scams
SIM swapping gives attackers more than just your phone number—it gives them a backdoor into your crypto life.
This section breaks down how the scam works and how to lock down your mobile identity.
1. Exchange Account Hijacking
Exchange account hijacking occurs when scammers gain access to a user’s crypto exchange account, often by exploiting SMS-based 2FA through SIM swapping. Once inside, they can reset passwords, change security settings, and withdraw funds.
👁️ Example:
A victim’s exchange account is secured with SMS-based 2FA. The scammer intercepts the code during a password reset, gaining full access.
🚩 Red Flags:
– Exchange login alerts from unknown locations or devices.
– SMS verification codes arriving out of context.
– Withdrawal or API key changes without user input.
🛡️ How to Avoid It:
– Use stronger authentication: Choose app-based or hardware-based 2FA instead of SMS.
– Monitor exchange login activity: Enable email and device login alerts to spot unauthorized access.
– Restrict withdrawal addresses: Use whitelist features available on exchanges to limit withdrawals to trusted wallets.
📖 Cross-reference:
SIM swapping is often part of coordinated phishing campaigns (Ch. 2) or social engineering scams (Ch. 1)
2. Identity Theft for Broader Fraud
SIM swapping isn’t just used to steal crypto—it can also lead to full-scale identity theft. Once scammers control a victim’s phone number, they can reset passwords, access email and financial accounts, and impersonate the victim to commit further fraud.
These attacks often go beyond crypto and affect multiple platforms at once.
Example:
A victim’s CEX account is protected by SMS-based 2FA.
The attacker performs a SIM swap and intercepts the code during a password reset, then withdraws crypto directly from the exchange.
Red Flags:
– Lockouts from email, banking, or crypto platforms after phone issues.
– Unauthorized account resets across multiple services.
– Friends or contacts report unusual messages from your accounts.
How to Avoid It:
– Use stronger authentication: Choose app-based 2FA or hardware keys instead of SMS.
– Monitor exchange login activity: Enable email and device login alerts to spot unauthorized access.
– Restrict withdrawal addresses: Use whitelist features available on exchanges to limit withdrawals to trusted wallets.
Cross-reference:
SIM swapping is often part of coordinated phishing campaigns (Ch. 2) or social engineering scams (Ch. 1)
How to Protect Yourself from SIM Swap Scams
SIM swapping attacks can compromise your crypto, email, and financial accounts in seconds. By taking proactive steps to secure your mobile number and reduce reliance on SMS-based verification, you can significantly lower your risk.
Use this checklist to strengthen your defenses and stay ahead of attackers.
1. Secure Your Mobile Account
– Add a PIN or passcode to your mobile carrier account.
– Ask your carrier for a number transfer lock (sometimes called port-out protection) and extra verification for any SIM change, where they offer it.
Don’t confuse this with your phone’s SIM PIN (the code your phone asks for when it starts). A SIM PIN only protects the SIM card if your phone is stolen. It does not stop a SIM swap, because the swap happens at your carrier.
2. Avoid SMS-Based 2FA
– Use app or hardware based 2FA instead of SMS codes.
– For maximum security, consider hardware-based 2FA.
3. Protect Personal Information
– Limit the amount of personal information you share online, such as your phone number or address.
– Be cautious about oversharing on social media, where scammers may gather data for social engineering attacks.
4. Monitor Your Mobile Account
– Regularly check your mobile carrier account for unauthorized changes.
– Enable notifications for account activity.
5. Strengthen Account Security
– Use unique, strong passwords for all accounts.
– Enable multi-layered security measures, such as email-based recovery codes.
6. Stay Alert
– Act immediately if your phone loses service unexpectedly.
– Contact your carrier and financial institutions to freeze accounts and recover access.
Manipulation Tactics Used Within SIM Swap Scams
SIM swapping scams are heavily dependent on social engineering, where scammers exploit human trust and weaknesses in mobile carrier security procedures to hijack a victim’s phone number.
Unlike scams that rely on mass deception (such as pump-and-dump schemes or NFT fraud), SIM swapping is a highly targeted attack that manipulates individuals and customer service representatives to bypass authentication barriers.
Because of its social engineering nature, SIM swapping scams mainly exploit trust, urgency, and impersonation rather than tactics like FOMO, social proof, or scarcity.
Below is a breakdown of the most relevant psychological manipulation tactics used in SIM swapping attacks and how to defend against them.
1. Social Engineering Mobile Carrier Support
SIM swapping attacks depend on deceiving customer support representatives into transferring a victim’s phone number to a fraudulent SIM card. Scammers impersonate the victim, using personal details obtained from data breaches or phishing attacks.
👁️ Example:
A scammer calls a mobile carrier, claiming to be the victim, and says:
“I lost my phone, and I need my SIM reactivated on a new device immediately.”
🔥 Why It Works:
– Mobile carrier employees are trained to assist customers quickly, especially in distress situations.
– Attackers use personal details (like birthdate, address, or security answers) to make their request appear legitimate.
🛡️ How to Counter:
– Add a strong PIN or passcode to your mobile account that must be provided before any SIM change.
– Request in-person verification for SIM swaps if your carrier allows it.
– Monitor your carrier account for any unauthorized change requests.
2. Exploiting Trust in Customer Service and Official Processes
Scammers rely on the trust that both customers and mobile carrier employees place in official communication channels.
👁️ Example:
A scammer, armed with stolen identity details, talks confidently to a carrier rep:
“I need my SIM transferred right away—this is urgent! You can verify my identity by checking my last bill payment on [date].”
🔥 Why It Works:
– Most people trust “official” processes—a well-prepared scammer sounds just like a real customer.
– If an attacker provides accurate details, customer service may feel pressured to act.
🛡️ How to Counter:
– Request that your carrier always verifies major account changes with a second contact method (such as an email approval).
– Never share personal details on social media or unsecured websites where they can be scraped for identity theft.
3. Inducing Panic to Override Security Measures
Scammers create a false sense of urgency to manipulate customer support representatives into skipping proper security checks.
👁️ Example:
The scammer calls the mobile carrier:
“I’m overseas, and my phone was stolen! I can’t access my bank account, and I urgently need my number transferred to my new SIM!”
🔥 Why It Works:
– Customer service agents are more likely to assist distressed customers quickly.
– A sense of urgency makes the representative less likely to follow strict verification steps.
🛡️ How to Counter:
– Instruct your carrier to require a waiting period (e.g., 24 hours) before processing SIM swap requests.
– Set up alerts so you’re notified of account changes before they happen.
4. Manipulating Victims Through Fake "Security Alerts"
Instead of only targeting mobile carriers, some SIM swapping scams manipulate victims directly. Scammers may pretend to be your bank, crypto exchange, or carrier, tricking you into “verifying” personal details.
👁️ Example:
A victim receives a call from someone pretending to be their mobile carrier:
“We detected suspicious activity on your account. To secure it, we need to verify your identity by confirming your PIN or last transaction.”
🔥 Why It Works:
– The fear of an account breach makes people more willing to comply without questioning the request.
– Victims assume they are speaking to a trusted institution rather than an attacker.
🛡️ How to Counter:
– Never provide sensitive information over the phone unless you initiated the call to a verified customer support number.
– Hang up and contact your carrier directly to confirm if there’s an issue.
5. Capitalizing on Data Breaches
Attackers frequently use stolen data from previous breaches (such as addresses, birthdates, or even partial security answers) to bypass identity verification with mobile carriers.
👁️ Example:
A scammer provides accurate but stolen details to a customer service rep:
“I’m calling about my account. I live at [Victim’s Address], my last payment was on [date], and I set up my security question as [Victim’s Answer].”
🔥 Why It Works:
– Carriers rely on “static” security questions, which attackers can answer if they access leaked data.
– Most people reuse personal details across different services, making them predictable.
🛡️ How to Counter:
– Use a PIN or passphrase for your carrier account instead of common security questions.
– Monitor data breaches and update personal security settings regularly.
6. Impersonating Law Enforcement or Customer Support
Some scammers take impersonation further by pretending to be law enforcement officers or high-level security specialists.
👁️ Example:
A victim receives a call:
“This is the fraud department from [Carrier]. We detected an unauthorized SIM swap request on your account. Please confirm your security details so we can block it.”
🔥 Why It Works:
– Authority figures create a sense of urgency and legitimacy.
– Victims feel pressured to comply for their security.
🛡️ How to Counter:
– Always verify official support numbers before responding to security alerts.
– Enable multi-layered authentication to prevent unauthorized changes.
Practical Example: Recognizing a SIM Swap Scam
The following examples are closely based on real stories shared on public platforms about individuals who were targeted by SIM swapping attacks, leading to severe financial losses.
These cases highlight how scammers exploit weaknesses in mobile carrier security and social engineering tactics to gain control of victims’ phone numbers and drain their cryptocurrency holdings.
Example 1: SIM Swap Attack Drains a Crypto Investor’s Wallet
A high-profile cryptocurrency investor became the victim of a SIM swapping attack that resulted in the loss of millions in digital assets. The attacker first gathered personal information about the investor, using data breaches, social media posts, and public records to impersonate them convincingly.
With this information in hand, the scammer contacted the victim’s mobile carrier customer support, posing as the account owner. They used stolen personal details and fabricated urgency to manipulate the carrier into transferring the victim’s phone number to a new SIM card under their control.
Once the attacker had control of the phone number, they:
– Intercepted SMS-based two-factor authentication (2FA) codes.
– Reset passwords for cryptocurrency exchange and wallet accounts.
– Gained access to multiple accounts and withdrew over $6 million in Bitcoin, Ethereum, and other digital assets.
By the time the victim realized their phone had lost service, the damage was done. The hacker had taken over all critical accounts, locked the victim out, and executed multiple transactions to drain their funds.
Key Takeaway:
Never use SMS-based 2FA for cryptocurrency or financial accounts. Attackers can exploit mobile carrier vulnerabilities to hijack your phone number and bypass security measures.
Instead, use app-based 2FA or a hardware security key for stronger protection.
Example 2: SIM Swap Attack Targets a Crypto Trader Active on Social Media
A cryptocurrency trader who frequently posted online about their investments and trading strategies unknowingly made themselves a target for hackers. While they never publicly shared their exact identity, they revealed enough personal information over time—including their location and financial success—for scammers to build a profile and launch a targeted attack.
One day, the trader’s phone suddenly lost network service. Assuming it was a temporary issue, they ignored it for several hours before contacting their mobile carrier. Meanwhile, the attackers had already:
– Transferred the phone number to a new SIM card.
– Used the number to bypass security checks on crypto exchanges and wallet apps.
– Reset all passwords, locked the victim out of their accounts, and drained over $870,000 in cryptocurrencies.
The trader only realized they had been hacked when they attempted to log in to their exchange account and found that their credentials no longer worked. By then, the attacker had already withdrawn all funds, and recovery was impossible.
Key Takeaway:
Be mindful of what you share online, especially regarding crypto holdings and financial success. Even indirect clues—such as location, trading habits, or investment discussions—can make you a target for social engineering attacks.
Use strict privacy settings on social media, and avoid disclosing details that scammers could use to impersonate you.
How Those Two SIM SWAP Scam Could Have Been Avoided
Both of these SIM swap cases highlight the weaknesses in mobile security and how attackers exploit them. Here’s how these attacks could have been prevented:
1. Use a Hardware-Based 2FA Solution: SMS-based authentication is the weakest form of security. Instead, use a hardware security key to protect your crypto exchange and wallet accounts. Even if attackers hijack your phone number, they cannot bypass authentication without the physical key.
2. Set Up a Mobile Carrier PIN or Account Lock: Many mobile carriers allow users to set a PIN or passphrase that must be provided before making any account changes. This additional security measure prevents unauthorized SIM swaps.
3. Limit Public Sharing of Crypto Holdings: Avoid discussing your crypto investments, trading activity, or financial success in online forums or social media. Attackers target individuals they believe hold valuable assets.
4. Enable Withdrawal Whitelisting on Crypto Exchange Accounts: Many exchanges offer a feature that allows withdrawals only to pre-approved addresses. Even if an attacker gains access to your account, they cannot transfer funds to an unapproved wallet.
5. Act Immediately If You Lose Mobile Service: If your phone suddenly stops receiving calls or texts, contact your mobile carrier immediately. It could be an early sign of an ongoing SIM swap attack, and acting quickly can prevent hackers from gaining full control over your accounts.
How to Respond to a SIM Swap Scam
SIM swapping is one of the most dangerous scams in the crypto space, allowing attackers to hijack your phone number, bypass security measures, and drain your accounts in minutes.
If you’ve fallen victim to a SIM swap, acting immediately is crucial to regaining control, preventing further damage, and securing your digital identity.
– Minimize financial losses – Stopping attackers quickly can prevent additional theft.
– Regain control of your accounts – Locking out scammers is critical to preventing long-term damage.
– Strengthen security – Learn how to prevent future SIM swap attacks.
Immediate Actions to Take After Falling for a SIM Swap Scam
If your phone suddenly loses service for no reason, DO NOT IGNORE IT—it may be the first sign of a SIM swap attack.
Take the following emergency actions immediately to stop the attacker before they steal your funds or compromise more accounts.
1. Immediately Contact Your Mobile Carrier to Reclaim Your Phone Number
Regaining control of your phone number is the priority.
Action Plan:
– Call your mobile carrier’s customer support using a different phone (or visit a physical store).
– Tell them your SIM card has been hijacked and request immediate account recovery.
– Ask to reverse the unauthorized SIM swap and reactivate your number.
– Set a strong account PIN or passcode with your carrier to prevent future attacks.
– Request that your carrier place a “high-security” note on your account to prevent unauthorized changes.
Why It Works:
Regaining your phone number stops the hacker from intercepting SMS-based security codes and taking over more accounts.
2. Reset Passwords for All Critical Accounts Immediately
Hackers use SIM swaps to reset passwords and take over your email, crypto, and banking accounts.
Action Plan:
– Change passwords for your financial accounts, email, and crypto exchanges.
– Use a password manager to generate unique passwords.
– Log out of all active sessions to force hackers off your accounts.
– Enable 2FA—but use an authenticator app or a hardware security key, NOT SMS.
Why It Works:
Hackers often reset passwords immediately after a SIM swap. Acting first locks them out.
3. Revoke Access to Your Email and Cloud Accounts
Since email is the key to resetting most accounts, securing it is critical.
Action Plan:
– Log in to your email and check for unauthorized login attempts.
– Revoke access to any unfamiliar devices in your email security settings.
– Update recovery email addresses and remove any suspicious changes.
– Enable 2FA using an authenticator app (not SMS).
Why It Works:
If hackers control your email, they can reset passwords for other accounts.
4. Lock Down Your Cryptocurrency Wallets and Exchange Accounts
SIM swap attacks are often used to drain crypto wallets and exchange accounts.
Action Plan:
– Log into all crypto exchanges and wallets to check for unauthorized transactions.
– Immediately enable withdrawal locks on exchanges (if available).
– Transfer funds to a new wallet if you suspect account compromise.
– Revoke all open API keys (used for trading bots or portfolio trackers).
– Enable app or hardware based 2FA on all exchange and wallet accounts.
Why It Works:
Cutting off exchange access prevents further financial losses.
5. Notify Your Bank, Credit Card Provider, and Financial Institutions
Hackers may attempt to reset banking credentials or enable fraud using your stolen phone number.
Action Plan:
– Call your bank’s fraud department to report a possible account compromise.
– Request an account security review and block unauthorized transactions.
– Enable security alerts for any attempted logins or transactions.
– Ask about switching from SMS authentication to a more secure method.
Why It Works:
Banks can block suspicious activity before financial losses occur.
6. Check for Unauthorized Account Changes and Recovery Attempts
A hacker may have already changed security settings on your accounts, locking you out.
Action Plan:
– Check account recovery emails for password reset attempts.
– Look for login alerts from unfamiliar locations.
– If you’ve been locked out, follow account recovery steps immediately.
– Contact customer support for affected accounts to report the fraud.
Why It Works:
Hackers often change passwords or security settings before making withdrawals. Acting fast can stop further damage.
7. Report the SIM Swap to Law Enforcement and Regulatory Agencies
If your identity or financial accounts have been compromised, reporting the fraud can help with recovery.
Action Plan:
– File a police report (this may be required for certain financial fraud cases).
– Report the incident to the FCC (USA), OFCOM (UK), or your country’s telecom regulator.
– If crypto was stolen, report the theft to blockchain forensic companies (e.g., Chainalysis).
Why It Works:
Law enforcement documentation may help recover assets and prevent further fraud.
8. Monitor Your Identity for Further Fraud
Hackers may attempt identity theft after a SIM swap, opening accounts, or applying for credit.
Action Plan:
– Check your credit report for new account openings (Experian, Equifax, TransUnion).
– Freeze your credit with major bureaus to prevent new loans/credit cards.
– Monitor bank statements and personal data for signs of identity fraud.
– Sign up for identity theft protection services, if available.
Why It Works:
Hackers may try to exploit your data even after the SIM swap is reversed.
Top Tips to Protect Yourself from SIM Swap Scams
Prevent SIM swap scams before they happen by strengthening your account security and minimizing exposure of personal information.
1. Add a PIN or Passcode to Your Mobile Carrier Account
Most SIM swap scams succeed because mobile carriers don’t require additional authentication.
Action Plan:
– Call your carrier and request a SIM lock/PIN on your account.
– Turn on carrier alerts for SIM changes and number transfers, so you can act fast if someone tries.
– Enable additional security features (e.g., account-level authentication).
Why It Works:
Even if scammers gather your personal information, a carrier PIN makes a SIM swap much harder. It is not a guarantee: carrier staff can be tricked or bribed. That is why you should also remove your phone number from account recovery.
2. Switch from SMS-Based 2FA to Hardware or App-Based 2FA
SMS-based authentication is the biggest weakness in a SIM swap attack.
Action Plan:
– Use authenticator apps instead of SMS for 2FA.
– For high-value accounts, use hardware-based 2FA.
– Remove your phone number as a backup 2FA method whenever possible.
Why It Works:
Authenticator apps don’t rely on phone numbers, making them immune to SIM swaps.
3. Limit Public Sharing of Your Phone Number
Attackers often collect personal details from social media or data breaches.
Action Plan:
– Avoid posting your phone number online.
– Use a secondary number for non-essential services.
– Regularly check if your personal information has been exposed in data breaches (e.g., HaveIBeenPwned.com).
Why It Works:
Less exposure makes it harder for scammers to gather enough information to impersonate you.
Explore More
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SIM Swapping Scams – Frequently Asked Questions
SIM swapping scams are an escalating threat in the crypto and Web3 ecosystem, especially as mobile numbers are still widely used for two-factor authentication (2FA) and account recovery. Scammers exploit mobile carrier vulnerabilities and social engineering tactics to hijack phone numbers, intercept SMS codes, and take over wallets, exchanges, and other critical accounts. Below are some of the most frequently asked questions that explain how SIM swapping scams work, warning signs to watch for, and how you can protect your digital identity and crypto assets from falling victim to this devastating form of fraud.
A SIM swapping scam is when a hacker tricks your mobile carrier into transferring your phone number to a SIM card they control. With access to your number, they intercept 2FA codes and reset passwords to hijack crypto wallets, exchange accounts, and more.
Scammers use personal details (often from data breaches or social media) to impersonate you. They contact your carrier, claim their SIM card was lost, and request a transfer to a new SIM—bypassing account security.
Many crypto exchanges and wallets still use SMS-based 2FA. If scammers control your phone number, they can reset passwords and drain your crypto accounts before you even realize what’s happening.
Common signs include sudden loss of cell service, SIM card errors like “SIM not provisioned,” or receiving alerts about account changes or password resets you didn’t request.
It’s unlikely. Scammers usually need personal information—like your phone number, address, or security question answers—to trick your carrier’s customer support.
Avoid using SMS for 2FA. Switch to app-based authenticators like Google Authenticator or hardware security keys (like YubiKey). Set a PIN or password with your mobile carrier for extra protection.
Contact your mobile carrier right away to reclaim your number. Then, change passwords on your crypto accounts and email, revoke suspicious permissions, and enable app-based 2FA.
Unfortunately, crypto transactions are irreversible. While recovery is rare, reporting the scam, involving your exchange’s support team, and alerting blockchain forensic services may help in some cases.
Yes. Crypto users are prime targets because of the high-value assets involved. Scammers focus on users who rely on SMS-based security measures for wallets, exchanges, and cloud-stored private keys.
While most decentralized wallets use private keys for access (not phone numbers), SIM swapping can still compromise cloud backups or email accounts linked to your crypto recovery process.
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