$5 Million Cryptocurrency Theft-20-Year Old Hacker Pleads Guilty

After stealing a cryptocurrency worth $ 5 million out of 40 victims of SIM card swaps, 20-year-old Joel Ortiz admitted guilty to theft and accepted a 10-year plea bargain, Motherboard reported on Media Division VICE on February 1st.

Ortiz accepted a plea agreement last week, said Erin West, the deputy district attorney in Santa Clara, California. He will be officially convicted on March 14. Authorities allegedly claimed that Ortiz was the first person to be convicted of a SIM card replacement crime.

"We think justice has been done, and I hope it's a powerful message to this community," said Samy Taraz, one of the officers who investigated Ortiz.

SIM card exchange criminals are increasingly used to steal usernames and pseudonyms and social media aliases, which can later be sold on the black market. Instagram's account "@t" would be sold for $ 40,000 in Bitcoin format (BTC).

When exchanging a SIM card, hackers contact a telecommunications company that turns to the target and claim their SIM card is lost and they want their number to be transferred to a new card. Criminals can convince phone companies that they are claiming to be by providing social security numbers or addresses.

After the telecommunications company transfers the number to the new SIM card, hackers can bypass the two-step authentication steps by using the phone as a recovery method. The hacker said to the motherboard: "With someone else's phone number, you can access all your accounts in just minutes, and no one can do anything about it."

Over the past year, authorities around the world have cleared the crime of cryptography. In Russia, security agents arrested a group of nuclear engineers after being caught using supercomputers to extract Bitcoin (BTC).

There are three brothers and sisters in Thailand - one of whom is Jiratpisit "Boom" Jaravijit, a soap opera - arrested at the end of last year due to a $ 24 million scam currency scam directed at a Finnish investor.


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