Hacker Steals $1 Million in Cryptocurrency Using Sim Swap Technique

A 21-year old man named Nicholas Truglia was reportedly able to steal cryptocurrency amounting to $1 million from a San Francisco resident using a technique called “sim swapping” where the hacker dupes wireless carriers to take over a phone number.

 

Truglia was able to drain $500,000 from each of the victim’s Coinbase and Gemini accounts. He also attempted to hack the phones of other Silicon Valley executives but was not successful.

 

Santa Clara County deputy district attorney Erin West said that the incident highlighted a whole new wave of crime where people believed to be in possession of cryptocurrency are targeted.

 

Truglia was charged with 21 counts including identity theft, fraud, embezzlement, crimes that “involve a pattern of related felony conduct,” and attempted grand theft.

 

Source: CNBC