Sim Swap fraud

$5 million Cryptocurrency Stolen by Utilizing Sim Swap

Sim Swap fraud

On July 12, police arrested a 20-year old college student Joel Ortiz from Boston who was found guilty to be a part of hacker group. This groups has hacked numerous smartphone by using SIM swap technique and has stolen more than $5 million in Crypto-currencies.

Users who are associated with Blockchains and Cryptocurrency are mostly targeted by the hackers group. What they do is that they swap the target phone number to the SIM controlled by hackers. And after getting the control over victims phone, attackers simply reset all the login credentials and get access to the victims account.

According to Motherboard report, Ortiz was arrested in Los Angeles International Airport on his way to Europe. The youngster on 28 sections “13 case of identity theft, 13 case of hacking, and 2 case of grand theft.”

Sim swap is fraud in which the attacker registers an existing phone number of the targeted person on a new New SIM card. Attacker utilize this technique to get notifications and OTP, which are forwarded to client in response to request of change in login credentials, or related to any transactions of online Banking.

Ortiz targeted a Blockchain project investor between the month of Feburary and March and seize his cellphone number, resetted password of Gmail account and the cryptocurrency account of the investor. Victim contact AT&T to discover the gadget IMEI number of the gadget that utilized the investigator’s number.

When they have the IMEI numbers the specialists have sent the warrant to Google which uncovers the email address associated with the gadget and after that investigator obstructed the Cryptocurrency trades utilized by Ortiz.

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