Connect with us

Cryptocurrency

California Jails Student to 10 Years for $7.5 Million SIM-Swap Bitcoin Hack

California Jails Student to 10 Years for $7.5 Million SIM-Swap Bitcoin Hack

California Jails Student for 10 Years for $7.5 Million SIM-Swap Bitcoin HackIn a sentencing first , a SIM swapping 21-year old accused of stealing over $7 million in crypto gets a 10-year prison sentence. | Source: ShutterstockBy CCN.com: A 21-year-old Boston man has been sentenced to 10 years in jail for stealing $7.5 million in bitcoin and other cryptocurrencies by hacking his victims’ cell phones through a practice called “SIM swapping.”This is the first-ever arrest and conviction in the United States for a SIM swap scam. That’s when the perpetrator clones his victims’ SIM cards in order to hack into their smartphones to gain access to their online accounts.Millions Stolen During CoinDesk ConferenceJoel Ortiz, 21, a UMass Boston student and his henchmen specifically targeted people in the cryptocurrency industry (which is ironic, since many people think crypto folks are scam artists).In May 2018, Ortiz stole millions by hacking several people’s smartphones at Consensus, an industry conference hosted by crypto news website CoinDesk.SIM Hijackers Steal Over $5 Million in Bitcoin in First Reported Crime of its Kind https://t.co/ZUR8fZK6EN— CCN.com (@CCNMarkets) August 1, 2018In total, Ortiz stole more than $7.5 million from at least 40 victims, the Santa Clara District Attorney’s Office announced in a statement.“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 Pleaded No Contest to 10 FeloniesOn April 19, Ortiz was sentenced to a decade in prison by Santa Clara County Judge Edward Lee after pleading no contest to 10 felony theft charges.Judge Lee decided on his sentence after hearing several victims’ heartbreaking stories about how their lives were destroyed after Ortiz stole all money.Joel Ortiz was sentenced to 10 years in jail for stealing $7.5 million in bitcoin via SIM swapping. (Santa Clara Co. District Attorney’s Office)The Santa Clara District Attorney’s Office explained a common way that SIM swapping occurs:“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.”“Once the telecom company transfers the number to a new SIM card, hackers can bypass two-step authentication measures for accounts by using the phone as a recovery method.”Victim: Cell Phone Companies Are Not Doing EnoughIn January 2019, several victims — including tech entrepreneur Robert Ross — launched an initiative called Stop SIM Crime to raise awareness of this growing phenomenon.Ortiz stole more than $1 million from Ross after taking control of his cell phone and gaining access to his accounts on crypto exchanges. Ross says he never even heard of “SIM swapping” until he lost most of his bitcoin savings as a victim of the scheme.Ross is now pressuring cell phone providers to offer better resources to help victims and to educate them about prevention.“This is a major problem that’s growing fast. I really believe this is being enabled by the carriers.” About The AuthorSamantha ChangSamantha Chang is a financial editor who writes about politics at BizPac Review, about business at CCN, and general news at HVY. She is a law school graduate and an alum of the University of Pennsylvania who enjoys finance, flowers, and fitness. You can find her on Twitter at Samantha_Chang.
Source

Continue Reading
Advertisement
Loading...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

Hackers made $32K in 7 weeks by fixing bugs in cryptocurrency projects

In the past seven weeks, white hat hackers earned at least $32,150 by fixing security flaws in popular cryptocurrency and blockchain platforms like TRON, Brave, EOS and Coinbase.
According to data reviewed by Hard Fork, 15 blockchain-related firms have paid rewards to security researchers between March 28 and May 16, split across 30 publicly-released bug reports.

Omise, the software firm behind cryptocurrency OmiseGo, fielded the most fixes (six). Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.

Projects adjust their HackerOne rewards to the severity the discovered security flaws. Whilst the majority of Omise’s reports were only worth around $100 each, other payments in the past seven weeks were much higher.
Block.one, the firm behind the EOS “blockchain,” rewarded one hacker with $10,000 for a single fix, as did budding network Aeternity.
TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, which would have brought its blockchain to a screeching halt.
The amount of hackers who prefer to fix security issues seems to be remaining steady — but sometimes they can make off with much bigger amounts exploiting vulnerabilities themselves.
Indeed, cryptocurrency exchange Binance revealed attackers had successfully stolen 7,000 BTC (then $40 million, now $55 million) from its own wallets last week.
Coincidentally, Binance runs its own bug bounty program with a maximum reward of $100,000 for the most critical of vulnerabilities. The Binance hacker remains at large.

Published May 20, 2019 — 15:21 UTC

Source

Continue Reading

Cryptocurrency

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

ABN AMRO signs on Accenture and ING Bank for its blockchain inventory platform

Despite abandoning plans to build its own Bitcoin wallet, ABN AMRO is not quite done with blockchain tech.
The Dutch banking giant has announced plans to launch a decentralized trade inventory platform in collaboration with Accenture and ING Bank, according to a press release (spotted by CoinDesk).

Codenamed Forcefield, the project will employ Internet-of-Things (IoT) devices to provide “real-time insight into trade inventories.” ABN AMRO claims the platform’s monitoring features “will lead to more secure physical handling processes and a reduction of costs.”
Upon launch, the project will focus on “refined metals,” but “functionality will be expanded across other dry bulk commodities” in the future.
In addition to ING and Accenture, a number of other companies – including Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria, and OCBC Bank – have also signed a memorandum of understanding to join Forcefield.
Back in January, ABN AMRO teased plans to develop its own cryptocurrency wallet, called Wallie. But as Hard Fork reported, the bank has now ditched Wallie as cryptocurrencies are still “too risky.”
“We have approached all the people who have shown interest,” ABN AMRO press officer Jarco de Swart told Hard Fork. “We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”
ABN AMRO and ING are hardly the only banks looking to get in on the blockchain hype. Indeed, leading banks – including Barclays and HSBC – reportedly poured $50 million into a blockchain-based digital cash system, expected to launch in 2020.

Published May 20, 2019 — 15:00 UTC

Source

Continue Reading

Crypto Live Prices

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
Advertisement
Loading...
Advertisement
Advertisement

Trending

Copyright © 2018 Crypto141.com