A college student is facing 10 years in prison for stealing millions in cryptocurrency using a method called “SIM swapping.”
According to Motherboard, 20-year-old Joel Ortiz of Boston accepted a plea deal for stealing more than $5 million in cryptocurrency from around 40 victims. Ortiz plead guilty to the crime and was sentenced to 10 years in prison as part of his plea deal.
Ortiz was able to steal the cryptocurrency through a hacking method known as SIM swapping. Krebs on Security has frequently reported on the rise of SIM swapping throughout the past few months.
Over the last year, a number of brazen SIM hijackers have been arrested, such as 21-year old Nicholas Truglia who allegedly stole a million dollars in cryptocurrency. However, authorities say Ortiz is the first person to be convicted of a crime involving SIM swapping. Read more…
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