21-year old Jailed for $1M Cryptocurrency Theft Through SIM Swap
The same guy who reported earlier this month to have been tortured and beaten by his friends in an attempt to steal his bitcoins have been reportedly been arrested by San Fransisco authorities for stealing $1 million worth of crypto from executives in the Silicon Valley area.
Well, it turns out that the 21-year old may have actually made his cryptocurrency fortune by stealing it from a Silicon Valley exec, after pulling an elaborate SIM-swapping scheme.
Nicholas Truglia successfully stole from Robert Ross by performing the SIM Swapping technique on October 26th, during which Ross helplessly saw his phone became dark. He found out soon after that the $500,000 he had on Coinbase and another $500,000 on Gemini has all vanished.
Sadly, it was noted that the $1 million in cryptocurrency was actually Ross’ entire life savings, and his daughters’ college fund. Only $300,000 of it was able to be recovered.
Truglia is currently being held at the Manhattan Detention Complex, awaiting extradition to California. He faces 21 felony counts including the use of personal information without authorization and grand theft.
SIM swapping is a pretty common way used by malicious people to steal from people as it’s pretty easy and doesn’t require specific technical skill. Major telecommunication provider in the US, AT&T is currently facing multiple lawsuits from its users who suffered from SIM swap attacks.
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