US authorities arrest two men for swapping SIM cards in order to steal crypto
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Answer US authorities arrest two men for swapping SIM cards in order to steal crypto
Two men have been arrested and charged in US District Court in Boston for their role in a nationwide SIM-switching scheme.
The scammers stole the victims’ phone numbers for later use to steal cryptocurrency, according to what reported By the US Department of Justice and what was announced by the FBI and the IRS on Thursday.
According to the US Department of Justice, Eric Miggs and Declan Harrington have targeted CEOs of crypto-related companies and others with “high-value” social media account names.
Miggs and Harrington attempted to gain access to their victims’ phone numbers by persuading phone carriers to reset their numbers on the SIM card owned by the pair.
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These two men then use the stolen devices and accounts to reset passwords to access the victims’ online crypto wallets and keys.
According to the statement outgoing According to the Department of Justice, “Maggs” and “Harrington” targeted at least 10 individuals across the United States and managed to steal or attempted to steal over $500,000 in cryptocurrency from these individuals.
SIM swapping is a common problem in the crypto community.
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In October, an AT&T customer sued the wireless carrier, accusing AT&T of failing to protect his account from a SIM swap which led to the theft of more than $1.8 million in cryptocurrency.
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SIM swap attacks cost an investor $24 million in Bitcoin (BTC)
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