Young Cryptocurrency Hackers Steal $35 Million In Cellphone SIM Swap Heist In California

Cryptocurrency Hackers Steal $35 Million In SIM Swap Heist

Cryptocurrency hackers were able to steal $35 million through SIM swap since the beginning of 2018. According to officials, 50 Californian victims that were targeted by these hackers, some of them under 18-years-old. SIM swapping scams are happening more often than never before and they are very risky for the crypto community and users that have funds on exchanges.

Crypto Hackers Steal $35 Million With SIM Swapping Attacks

As the crypto space evolves and tries to become more secure, hackers improve their technics and methods in order to steal more users from individuals. According to an NBC Bay Area report, Seth Shapiro, a consultant related to blockchain technology, lost his life savings after hackers were able to access his phone at a conference in Manhattan.

On the matter, the report reads as follows:

“He later learned from detectives that a group of hackers had seized control of his cellphone, striking from hundreds of miles away by using a technique called ‘SIM swapping.”

This process that scammers are currently doing is quite straightforward for them. Users change a mobile number to another SIM card without users’ knowledge. After it, thieves request platforms information about them to be able to enter their accounts or bank accounts.

It is worth mentioning that perpetrators of the attacks suffered by many individuals have been arrested and are facing long sentences in jail. For example, one of the attackers that were involved with Shapiro’s theft was sentenced to ten years in prison. The intention was to establish an example of how hard the law can be applied to these cases.

Denis Dawson, the attorney related to the Ortiz case, explained:

“Ortiz got a harsh deal for a nonviolent offense because the court system wanted to make an example of Ortiz as the first defendant to be sentenced strictly for a SIM-swap cryptocurrency theft in the United States.”

Shapiro was able to recover just $75,000 of the lost funds, however, the remaining savings seem to have been lost forever since they cannot be tracked by authorities.

Just a few days ago, we wrote about Sean Coonce, a recognize crypto engineer that lost $100,000 from his Coinbase account after SIM hijackers were able to have accessed his account.

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