According to information on Motherboard, a news department under local news outlet VICE Joel Ortiz just pleaded guilty to sim swapping activity that led to him walking away with $5 million. Although Ortiz pleaded guilty, he will be officially sentenced to jail on March 14 to start serving his ten-year sentence. To arrive at the five million figure Ortiz a college student hijacked 40 sim cards stole cryptocurrency worth that amount. But his activities were halted when he was arrested.
Hackers Turn to Sim Swapping
Over the past few months, cases of sim swapping have been on the rise after hackers found a new front to steal crypto from investors. To succeed in their endeavors, they call the telecommunications companies and allege to have lost their sim cards. And when asked for identification they provide the victim’s address or social security number. With that, the telecommunication company swaps the phone number into the hands of the hacker. With your phone number in their hands, the hacker gains access into any account the phone number is listed as a recovery number and proceed to change all passwords. And since they have your phone number bypassing two-step authentication is easy. The hacker then steals all your cryptocurrency but doesn’t stop there they get your data usernames on social media and sale them on the dark web. For Ortiz, he only stole crypto but accordion to local authorities an Instagram account went for $40,000 BTC awhile back.
Ortiz is Just an Amateur
Although Ortiz figure stands at $5 million his counterpart Joseph Harris in the swapping sector is in his league. According to authorities Harris managed to steal $14 million worth of digital coins. Moreover, Nicholas Truglia is also another hacker who is alleged to have stolen millions of BTC from his victims. On the closing end is Xzavyer Narvaez who has a $1 million tag behind his back for his swapping activities. As Ortiz enjoys his little freedom in custody, his sentencing on March 14 will serve as an example to the rest in custody. All the mentioned hackers have been arrested. Across the globe, authorities have also been successful in sentencing scammers to jail Thailand sentenced three siblings in jail for running a cryptocurrency scamming scheme. And in Russia, nuclear agents using supercomputers to mine crypto weren’t lucky after security agents arrested them.