Another Crypto SIM Swap Attack In The US, Traders Be Aware

Another crypto SIM swap attack emerged in the US as the 23-year old attempted to steal cryptocurrencies. This type of fraud seems to be growing around the world especially within the crypto community with a lot of previous cases as reported previously in the cryptocurrency news.

The young man from Pennsylvania was implicated in another crypto fraudulent activity and will face a federal grand jury according to recent reports. According to the documents, the 23-year-old Anthony Faulk was conspiring to commit wire fraud by stealing cryptocurrencies from companies and executives that worked in the same industry.

Even though the exact stolen amount is still undisclosed, it could be a substantial one. The report says that the fraudster has converted the digital assets to fiat and used to buy a house and one Ferrari and three other cars, jewelry a Rolex watch. Faulk had a lot of undisclosed partners and they all extorted victims of the SIM swapping scheme. If this turns out to be true, Faulk faces a sentence up to 20 years in prison and about $250,000 fine but he had to pay the same amount for his warrant as well after he was arrested.

Another two men were arrested and charged in Massachusetts, with a worldwide scheme for stealing social media accounts and cryptocurrencies. With the SIM swapping, they attempted to steal about $550,000 in crypto at least ten victims throughout the country. The SIM Swapping is very complicated to pull off but unfortunately, it is very effective. It generally starts by gathering personal information about the victims and then the perpetrators contact the mobile telephone company by using social engineering techniques to convince the users to provide a phone number or other personal information that belongs to them.

If they manage to gain control, a lot of personal information will be leaked out and the fraudsters will be capable of resetting passwords and chancing 2FA verification codes to access the protected accounts. The SIM Swapping attacks have been present for years and they picked up after the massive increase in prices on the crypto market in 2017 and 2018. The report also concludes that the authorities only cracked down little of these cases but that the trend is decreasing in 2019.