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10 SIM Swappers Arrested for Stealing $100M in Crypto from Celebrities

February 11, 2021

Ten folks belonging to a prison community have been arrested in reference to a collection of SIM-swapping assaults that resulted within the theft of greater than $100 million by hijacking the cell phone accounts of high-profile people within the U.S.

The Europol-coordinated year-long investigation was collectively carried out by legislation enforcement authorities from the U.Ok., U.S., Belgium, Malta, and Canada.

“The assaults orchestrated by this prison gang focused 1000’s of victims all through 2020, together with well-known web influencers, sport stars, musicians and their households,” Europol said in an announcement. “The criminals are believed to have stolen from them over $100 million in cryptocurrencies after illegally having access to their telephones.”

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The eight suspects, aged 18 to 26, are mentioned to be half of a bigger ring, two members of which had been nabbed beforehand in Malta and Belgium. The newest arrests had been made in England and Scotland.

The sweep comes virtually a yr after Europol led an operation to dismantle two SIM swap criminal groups that stole €3.5 million ($3.9 million) by orchestrating a wave of greater than 100 assaults concentrating on victims in Austria, emptying their financial institution accounts by means of their cellphone numbers.

Sometimes achieved with the assistance of a corrupt insider or utilizing social engineering lures, SIM swapping refers back to the method adopted by cybercriminals to steer cellphone carriers into porting their victims’ cell companies to a SIM card below their management.

The SIM swap then grants attackers entry to incoming cellphone calls, textual content messages, and one-time verification codes (or one-time passwords) that numerous web sites ship by way of SMS messages as a part of the two-factor authentication (2FA) course of.

As soon as answerable for the goal’s cell phone, the authorities famous that the criminals accessed private info, together with contacts synced with on-line accounts, and stole cash, with cryptocurrency losses exceeding $100 million in 2020.

“In addition they hijacked social media accounts to submit content material and ship messages masquerading because the sufferer,” the U.S. Secret Service mentioned.

The arrested suspects face fees for offences below the Laptop Misuse Act, in addition to fraud and cash laundering. They’re additionally anticipated to be extradited to the U.S. for prosecution.

To keep away from SIM swapping assaults, it is advisable that customers hold their system’s software program updated, restrict data-sharing on-line, and allow 2FA by way of apps as an alternative of getting an authentication code despatched over SMS.

“When potential, don’t affiliate your cellphone quantity with delicate on-line accounts,” Europol cautioned.

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