A Guy Steals $5 Million in Bitcoin with SIM Swapping

Discussion in 'Scams' started by pepeg, Feb 4, 2019.

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  1. pepeg

    pepeg Invests like a Pro

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    Through swapping people's SIM of their mobile phone, this guy Joel Ortiz managed to pilfer more than $5 million in Bitcoin from crypto wallets in California, and it's hardly the first case of such stealing!

    20-Year-Old College Student Sentenced to 10 Years in Prison for SIM Hacking and Stealing Bitcoin | AllStocks Network

    This just shows that companies that operate crypto wallets and even big companies like Apple and Google should invest more in securing people's mobile devices and wallets. Today, smartphone are essential in people's lives and we need more safety and security using them!
     
  2. The CC Forums

    Staff Member

    This SIM swapping scam isn’t limited to crypto. An acquaintance of mine was just scammed out of tens of thousands when someone monitored his accounts until they discovered he was traveling in another country.

    They managed to convince AT&T to install a new SIM in a phone with his data on it and proceeded to raid checking accounts, take out loans and open credit card accounts.

    Law enforcement traced the transactions, arrested the criminals and almost all funds were recovered. Still, crypto is just a tool for these scams, they’ve been around for years. Had my acquaintance used crypto instead of dollars, the money would likely have not been recovered.

    Know where your devices are at all times. Use facial recognition, have strong passwords and don’t give out any info over the phone to anyone.
     
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