|Nov 22, 2018 05:00 PM||By: Jinia Shawdagor | 1974 Views|
A 21-year old man is arrested in his residence in New York for taking $1 million in crypto from SIM trading in San Fransisco, Bay Area.
Retain the New York young official who reported his friends to have tortured him to steal his crypto account credentials first this month?
The same guy who performed the report is stated to have been arrested by San Fransisco authorities for stealing $1 million worth of crypto from officials in the Silicon Valley area.
Nicholas Truglia happily stole from Robert Ross by making the SIM Swapping technique on October 26th, through which Ross helplessly saw his phone became dark.
He got out soon after that the $500,000 he had on Coinbase and another $500,000 on Gemini, which was his whole life savings and also his daughter's college fund, were dissolved.
Truglia, then, sent the funds to his account and deposited it on his hardware wallet, as described by The New York Post.
He's also reached to have attended his action towards several other officials 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. Still, none of them went out.
The 21-year old was caught in his apartment in New York by Erin West, a member of Santa Clara REACT task force on November 14th. The team conducted to recover $300,000 of the embezzled funds from his hardware wallet.
Truglia is handling charges for 21 felony counts, including leading grand theft, altering or damaging computer data and using personal knowledge without permission, and currently being held at the Manhattan Detention Complex, while setting for extradition to Santa Clara.
SIM swapping is a pretty conventional way used by malicious people to steal from men as it's pretty easy and doesn't need specific technical skill.
All they want to do is just moving telco provider's customer service to port the targeted phone products to their phone, which will give them the way to the victims' account credentials.
“You’re lying in your home, your phone is in the aspect of you, and you suddenly grow aware there is no assistance because the bad guy has taken charge of your phone number,” West stated.
Primary telecommunication provider in the US, AT&T is currently facing multiple lawsuits from its users who experienced from SIM swap attacks.
One of them involved AT&T of "supporting SIM swapper" by "leaving holes in their security rules and failing to train and monitor their employees properly".