Share this article
Telefónica Teams Up With Chainlink to Provide Security Against 'SIM Swap' Hacks
The partnership will be a "significant step" in integrating telecom capabilities into the blockchain technology, the firms said.
Feb 15, 2024, 8:30 a.m.
Make us preferred on Google
- The partnership will help provide an added layer of security to blockchain transactions.
- Telefónica will introduce the security measure in Brazil.
One of the world's largest telecommunication services providers, Telefónica (TEF), is partnering with decentralized oracle network Chainlink to ensure security against Web3-related hacks and exploits, including "SIM Swap" attacks.
The partnership will provide security for smart contracts that will connect with other Application Programmable Interfaces (APIs) on the "GSMA Open Gateway," according to a statement published on Thursday. GSMA – an organization that consists of over 1,000 mobile operators and businesses – started the GSMA Open Gateway, which introduced APIs to help bring telecom technologies onto the Web3 ecosystem, the statement said.
STORY CONTINUES BELOW
"This collaboration marks a significant step in integrating Telco capabilities into the blockchain industry and demonstrates the need for secure oracle networks to deliver real-world data on-chain," the statement said. "This interconnected ecosystem enhances the functionality and security of Web3 applications, contributing to a more robust and verifiable digital landscape," the statement added.
One of the first use case of the initiative will be to prevent exploits such as "SIM Swap" – a form of hacking tool based on identity theft and false impersonation of a financial account holder. The scheme has been used increasingly in the Web3 industry, and one of the recent high-profile cases of such fraud has been a theft of $400 million from Sam Bankman-Fried's FTX as the exchange was collapsing in 2022.
The first GSMA Open Gateway API – aptly called SIM SWAP – will be introduced in Brazil by Telefónica to add a layer of extra security to blockchain transactions.
"This integration not only enhances transaction security but also introduces an extra layer of security to blockchain transactions by enabling smart contracts to now make information requests to the API, ensuring that a device's SIM card has not undergone any unauthorized changes," the statement said.
Read more: T-Mobile Sued Over SIM Attack That Resulted in Loss of $450K in Bitcoin
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Solana’s new phase is ‘much more about finance,’ says Backpack CEO Armani Ferrante
The Solana ecosystem has spent the past year doubling down on a financial infrastructure, Backpack CEO Armani Ferrante told CoinDesk.
What to know:
- Solana’s latest phase looks a lot less flashy than its memecoin-fueled highs, and that may be the goal.
- Armani Ferrante, CEO of crypto exchange Backpack, told CoinDesk in an interview the Solana ecosystem has spent the past year doubling down on a more sober focus: financial infrastructure. A
- fter years of experimentation as the wider crypto industry focused on NFTs, games and social tokens, attention is now shifting back toward decentralized finance, trading and payments.
Top Stories
