A college student has been arrested and convicted for 10 years. The 20 year old is convicted for stealing cryptocurrency worth more than $5 million by hijacking multiple victim’s phone numbers.
The name of the culprit is Mr.Ortiz who was arrested last year on charges of tapping millions of dollars in digital crypto currency. From approximately 40 victims by using a method call SIM swapping which involves porting of the same cell number to a new sim card which is with the attacker.
For an attacker to get a victims sim card it involves Social engineering when the attacker calls the telecommunication company and pretends to be the victim. Stating to the telco company that the sim card has been misplaced and would make a request to replace the sim card by providing the details of the victim because of which the telecommunication organization thinks the user has misplaced the sim card and port the number to the new SIM Card that is with the attacker which is a fraudulent activity.
The attacker gives the SSN due to which the cell number ports to the new sim card. These days if a hacker has access to your sim card he can get access to all the services a user uses. The access to generating new T-PIN’s of your bank accounts, access to your social accounts and other sensitive accounts. These days mostly security is lying on mobile verification process.
Sim swapping has become very famous among cyber criminals. Mr. Ortiz is the first person to get jail time for this fraudulent activity. He pleaded guilty for the crime and has stolen over $5Million worth of cryptocurrency from approximately 40 stated by Motherboard.
Rather than pleading not guilty and going to trial he accepted the plea deal for 10 years last year.
Many such sort of cases are pending in the justice system of the United States regarding SIM swapping.
From the past 1 year law Enforcement agencies have been taking cryptocurrency crimes seriously and laws are getting stricter day by day for cyber criminals.