The crypto community is debating whether SMS two-factor authentication (2FA) should ever be used for account security following news that a Coinbase customer is suing the cryptocurrency exchange for $96,000. On Mar. 6 Jared Ferguson filed a lawsuit against Coinbase in the United States District Court for the Northern District of California, claiming he lost “90% of his life savings” after funds were withdrawn from his account by identity thieves and Coinbase had refused to reimburse him. Ferguson is said to have fallen prey to a type of identity theft known as “sim-swapping,” which allows fraudsters to gain control of a phone number by tricking the telecom provider into linking the number to their own sim card. (Cointelegraph)