“Three Americans Charged in $400 Million SIM-Swap Attack Linked to FTX Hack”

Title: Three Americans Charged in $400 Million SIM-Swapping Hack Linked to FTX

In a major development, the United States Department of Justice (DOJ) has filed charges against three individuals involved in a highly sophisticated SIM-swap attack. The accused are alleged to have stolen over $400 million from the accounts of an undisclosed company, widely believed to be the cryptocurrency exchange FTX.

The masterminds behind this audacious operation have been identified as Powell, Rohn, and Hernandez. The charges suggest that the group orchestrated a meticulously planned attack, exploiting vulnerabilities in the mobile service provider’s system to gain unauthorized access to the company’s AT&T account. This breach allowed them to transfer virtual currency from the targeted company’s crypto-wallets.

The incident, which occurred on the 11th and 12th of November 2022, targeted FTX during a critical period when the exchange was experiencing severe financial turmoil. The stolen crypto-assets, assessed at a staggering $477 million by blockchain analytics company Elliptic, dealt a severe blow to FTX’s already fragile financial position. This unprecedented figure is unmatched by any other crypto-theft during that time period, strongly indicating that FTX is the “Victim Company-1” referred to in the indictment.

Adding to the gravity of the situation, Elliptic has recently reported that the stolen crypto-assets, worth tens of millions of dollars, have shown signs of movement after months of inactivity. This raises concerns about the potential future implications for FTX and the cryptocurrency market as a whole.

Sam Bankman-Fried, the founder of FTX, who was previously convicted of fraud, has distanced himself from the hack. Speculations about an inside job have now been put to rest with the charges against Powell, Rohn, and Hernandez. The accused individuals face charges of wire fraud conspiracy and identity theft, which carry significant penalties.

This latest incident further highlights the growing threat of SIM-swap attacks and the need for heightened security measures in the digital realm. The DOJ’s swift action in identifying and charging the culprits sends a strong message that such criminal activities will not go unpunished.

As investigations continue, authorities are determined to unravel the full extent of the operation and bring all those responsible to justice. The crypto community and businesses alike await further updates on this high-profile case that has sent shockwaves through the industry..

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!