21-year old arrested for stealing $1M in crypto through SIM swapping

22 Nov, 2018
by Fifi Arisandi
News
21-year old arrested for stealing $1M in crypto through SIM swapping

A 21-year old man is arrested in his apartment in New York for stealing $1 million in crypto from SIM swapping in San Fransisco, Bay Area. 

Remember the New York young executive who reported his friends to have tortured him to steal his crypto account credentials earlier this month?

Read story: A group of men accused of torturing a friend to steal his crypto

The same guy who made the report is reported to have been arrested by San Fransisco authorities for stealing $1 million worth of crypto from executives in the Sillicon Valley area.

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, which was his entire life savings and also his daughter's college fund, were vanished.

Truglia, then, sent the money to his personal account and kept it on his hardware wallet, as reported by The New York Post.  

He's also reported to have conducted his action towards several other executives in the Bay Area, such as Sawata Basu, CEO of 0Chain, Myles Danielsen, VP of Hall Capital Partners, and Gabrielle Katsnelson, the co-founder of SMBX, however, none of them worked out.

The 21-year old was arrested in his apartment in New York by Erin West, a member of Santa Clara REACT task force on November 14th. The team managed to recover $300,000 of the stolen funds from his hardware wallet.

Truglia is facing charges for 21 felony counts, including conducting grand theft, altering or damaging computer data and using personal information without authorization, and currently being held at the Manhattan Detention Complex, while waiting for an extradition to Santa Clara.

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.

All they need to do is just persuading telco provider's customer service to port the targeted phone numbers to their phone, which will give them access to the victims' account credentials.

“You’re sitting in your home, your phone is in front of you, and you suddenly become aware there is no service because the bad guy has taken control of your phone number,” West said.

Major telecommunication provider in the US, AT&T is currently facing multiple lawsuits from its users who suffered from SIM swap attacks. 

One of them accused AT&T for "assisting SIM swapper" by "leaving holes in their security protocols and failing to properly train and monitor their employees".

Read more:

AT&T, T-Mobile sued over SIM-Swap Crypto attacks

US telecoms giant being sued for $224m due to Sim swap hack

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