Cryptocurrency SIM swapping chiseler accused by US Dept. of Justice

The two individuals were charged yesterday for their alleged participation in a two-year cryptocurrency SIM swapping scam. The suspects are believed to have controlled phone numbers and tried to access several online accounts to steal digital money from the victims.

The couple arrested last Thursday. They face charges of electronic fraud, computer fraud and abuse, aggravated identity theft and conspiracy.

SIM Swap Scammers Targeted Cryptocurrency Execs

According to the indictment of the Massachusetts State District Court, the two people are Eric Meigs and Declan Harrington. Both men are residents of Massachusetts.

The indictment alleges that two men attempted to steal more than $550,000 from cryptocurrency officials and others believed they in possession of large holdings of digital assets. The couple tried to cheat at least 10 people from crypto since November 2017.

The people behind the scam will try to transfer their number to the new SIM card under the control of the scammers to the mobile phone operators of their victims. If they are successful, they can access email, social networks and cryptocurrency exchange accounts.

In another strategy described in the accusation, both presented as victims. Once they successfully controlled a phone number, they complained about pirated contacts. Then they ask the victim's family and friends for financial help.

In one case, the scammers called one of the wives of their victims and sent a text message to their daughter. Message read:

"Tell your dad to give it to BITCOIN."

The United States Department of Justice is accusing the couple with a total of 11 charges. Eight electronic fraud, computer fraud, aggravated identity theft and a conspiracy charge.

The SIM exchange scam has become a popular means to defraud investors in cryptocurrencies. News recently reported on the case of a California man who sold his house for $1.8 million to buy a cryptocurrency.
Swap Sim scammers focus personally After gaining control of the victim's phone number. They were able to go to their cryptocurrency trading accounts and delete them.

While this example does not seem to be related to the recent accusation, both they and others like them remember the potential security risks associated with cryptocurrency storage. By using cold storage for large quantities of stocks. Crypto investors can significantly limit the damage caused by such attacks and spread the cryptocurrency among storage methods.