California student, the 21-year-old man from Boston has been sentenced to 10 years in prison after he stole $7.5 million in BTC. He was able to do the crime by hacking the victims’ phones by using the method ‘’SIM swapping’’ which we are about to find out more in today’s altcoin news.
This is reportedly the first arrest and conviction in the United States for using this criminal method. The SIM swap method is when the hacker clones the victim’s sim cards in order to hack their smartphones and gains access to their accounts. The California student, Joel Ortiz, and his friend targeted people who are already in the crypto industry. Ortiz managed to steal millions in 2018 after he was able to hack people’s smartphones at Consensus which as an industry conference hosted by the crypto news site CoinDesk.
The California student stole more than $7.5 million from about 40 people according to the Santa Clara District Attorney’s Office reports:
“Ortiz was a prolific SIM swapper who targeted victims to steal cryptocurrency and to take over social media accounts with the goal of selling them for Bitcoin. After his thefts, Ortiz spent his loot lavishly – including $10,000 nights at Los Angeles clubs, hiring a helicopter to bring him and some friends to a music festival, and on Gucci luggage and clothing.”
Joel Ortiz was sentenced to 10 years in prison by the Santa Clara County Judge Edward Lee after hearing the victims on how they got their lives ruined when he stole all their money. The DA’s office also explained the SIM swapping method:
“Hackers call a telecom company posing as their target and claim that their SIM card has been lost, and that they would like their number to be ported to a new card. The criminals can convince phone companies that they are who they claim to be by providing stolen Social Security numbers or addresses.”
Joel Ortiz also stole more than $1 million from Ross when he gained access to his cell phone and his accounts that led him to the crypto exchanges. Ross never heard about this method before until he lost all of his money. He is now urging cell phone providers to offer better security measures to help the victims as the latest cryptocurrency news reports show.
Dutch Crypto Scammer Steals $2.2M In BTC Mining Fraud
Firefox Quantum Browser Adopts New Anti Cryptojacking Features
"Today’s new Firefox release continues to bring fast and private together right at the crossroads of performance and security. It includes improvements that continue to keep Firefox fast while giving you more control and assurance through new features that your personal information is safe while you’re online with us," the Firefox Quantum release notes.Previously, Mozilla warned its audience that websites can deploy scripts that may launch a crypto miner on any user's machine - even without them being aware. This practice is known as cryptojacking in the world of cryptocurrency. In order to combat these practices, the Firefox Quantum was developed as a product of partnership between Mozilla and the online privacy company Disconnect. The crypto mining blocker was created to block people on their browser. As of now, users can toggle an opt-in feature that would block would-be cryptojackers from taking advantage of spare computing power and mining cryptocurrencies. Users can take a look and see how much faster Firefox is today at the following video, which went viral on many best cryptocurrency news sites because of the anti-cryptojacking features. https://www.youtube.com/watch?v=NzqJ09_cn28 In August 2018, Firefox featured cryptojacking protection - to later update them in its Nightly 68 and Beta 67 versions which emerged this April, just before the launch of the Firefox Quantum browser. The open-source Quantum also aims to mitigate the practices of so-called "fingerprinting" which makes a sort of a digital fingerprint of a user that is employed in order to monitor their activities on the Internet. In another report published in the altcoin news on April 23 by the cybersecurity company MalwareBytes, cryptojacking was called "essentially extinct" and:
“Marked by the popular drive-by mining company CoinHive shutting down operations in early March, consumer cryptomining seems to have gone the way of the dodo. Detections of consumer-focused bitcoin miners have dropped significantly over the last year and even from last quarter, while business-focused miners have increased from the previous quarter, especially in the APAC region.”So, the steps that Mozilla took in its Firefox Quantum definitely ramp up the browsing experience from a crypto perspective.
Crypto And Forex Scams Got Away With $34 Million In 2018: UK Report
“Scammers can be very convincing so always do your own research into any firm you are considering investing with, to make sure that they are the real deal.”The report is a viral topic in the latest cryptocurrency news - mostly because the FCA stated that scammers use social media to find potential investors. According to the regulator, crypto and forex scams like these often use pictures of celebrities with fake endorsements alongside images of luxury goods such as cars and watches. In 2018, the initial coin offering (ICOs) advisory firm Statis Group released a study in which it found that more than 80% of ICOs in 2017 were scams. The associated losses for that year, as the study showed, totaled around $1.34 billion. In the latest altcoin news, we can also see that new evidence surfaced, suggesting that purported Bitcoin (BTC) exchange Goxtrade is a Bitcoin scam. As the evidence shows, Goxtrade reportedly used the real names and photos of unaffiliated parties including the blockchain figure Amber Baldet to fill their website staff page and its absent from the UK's registry of companies and businesses. All in all, the number of crypto and forex scams is increasing and there must be certain regulation to prevent these billions which are lost on a yearly basis.
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