Aug By Mr Singh 0 159 0 Comments
Teenage ‘SIM Swapper’  Arrest by California Police Who Allegedly Stole Cryptocurrency  by Cell Phones

Police in California have arrested an alleged hacker who stole Bitcoin (BTC) totaling more than $1 million by hijacking cellphones, investigative cybercrime blog Krebs on Security reported Wednesday, August 22.

Citing a police report, the publication reveals Xzavier Narvaez, 19, used “SIM swapping,” a technique also known as a “port out scam,” to reportedly steal cryptocurrency from victims’ devices. Over a period of several years, Narvaez and another suspect already under arrest used the funds to buy items such as luxury sports cars.

From March to June 2018 alone, Narvaez’s account on cryptocurrency exchange Bittrex processed 157 BTC (around $1,009,000). The police report also confirms that crypto payment processor BitPay was used in Narvaez’s purchase of a 2018 McLaren from a car dealership in Southern California.

According to the report reproduced by Krebs On Security, Narvaez had used the same device to commit the crimes multiple times, which the publication summarizes “ultimately gave him away,” as “approximately 28 SIM swaps were conducted using the same employee ID number over an approximately two-week time period in November 2017.”

Further investigations by Vice revealed that the SIM swapping underworld regarded the 19-year-old as “one of the best SIM swappers out there.”

Nonetheless, Narvaez was unsubtle about his reportedly illegitimate cryptocurrency gains, posting photographs of cars he purchased on Instagram, Vice reports.

Earlier in August, a U.S. investor filed a $224 million lawsuit against telecoms giant AT&T over alleged negligence, claiming that $24 million in cryptocurrency was stolen via a "digital identity theft" of his cell phone account.

 


 

Comments
Leave a Comment

Latest Cryptocurrency News
Uganda shilling remains broadly stable
19 Feb 2019

Uganda shilling remains broadly stable

Now, Uganda Shilling is stable as cryptocurrency market expert focus on setting of mid-month tax duty. Demand was overcast with transaction confined in the range of 3665/3675, barely unaffected from the early session of the week. In the interbank cur.. Read More