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Two Massachusetts males have been sentenced on Wednesday for utilizing SIM-swapping and different hacking strategies to steal cryptocurrencies and likewise taking on the social media accounts of many victims.
Based on the Division of Justice press launch, 24-year-old Eric Meiggs and 22-year-old Declan Harrington focused executives of cryptocurrency exchanges, who’ve a excessive likelihood of holding numerous cryptos. In addition they focused high-value social media profiles.
The perpetrators illegally took management of the web accounts of the victims for stealing high-value issues like cryptocurrencies. They allegedly siphoned round $330,000 in cryptocurrencies from at the least ten victims.
For the crimes, Meiggs has been sentenced to 2 years and someday in jail, whereas Harrington has been imprisoned for 2 years and 7 days.
An Notorious Hacking Approach
SIM-swapping is an notorious method utilized by criminals to achieve management of victims’ telephone numbers and thus entry on-line accounts.
“In “SIM swapping”, cybercriminals persuade a sufferer’s cellular phone service to reassign the sufferer’s cellular phone quantity from the SIM card (Subscriber Id Module card) contained in the sufferer’s cellular phone to the SIM card inside a cellular phone managed by the cybercriminals,” the Division of Justice defined.
“Cybercriminals then pose because the sufferer with an internet account supplier and request that the supplier ship account password-reset hyperlinks or an authentication code to the SIM-swapped gadget now managed by the cybercriminals. The cybercriminals can then reset the sufferer’s account log-in credentials and use the log-in credentials to entry the sufferer’s account with out authorization, or “hack into” the account.”
A number of cell carriers in the USA additionally confronted lawsuits by the victims of SIM swappings. Regardless of many precautions by telecom operators, such scams are very arduous to stop.
Earlier this 12 months, YouTube accounts of a number of crypto influencers had been compromised utilizing SIM-swapping. Nevertheless, that incident solely resulted in promotions of scams and didn’t end in a high-value theft.