Sunday, November 27, 2022
HomeLaw & PoliticsTwo American Men Convicted Of Stealing Cryptocurrency Using "SIM Swapping"

Two American Men Convicted Of Stealing Cryptocurrency Using “SIM Swapping”

According to a press release issued by the Department of Justice, two men from the state of Massachusetts have been given sentences that require them to serve time in prison for their involvement in a “extensive scheme to take over victims’ social media accounts and steal their cryptocurrency using techniques such as SIM swapping.”

Declan Harrington, 22, was given a sentence of two years and seven days in jail, while Eric Meiggs, who is 24 years old, was given a term of two years and one day in prison.

In 2019, Meiggs and Harrington were taken into custody by the FBI. In 2021, Meiggs entered a guilty plea to all seven counts of the indictment against him, including those charging him with conspiracy, wire fraud, computer fraud and abuse, and aggravated identity theft.

The first accusation levelled against the two individuals was that they had attempted to steal cryptocurrencies valued at more than $550,000. According to the most recent notification, the two individuals stole “roughly $330,000 worth of cryptocurrencies” from “at least 10 known victims.”

According to the release, Meiggs and Harrington “targeted CEOs of cryptocurrency firms and those who presumably held large quantities of cryptocurrency as well as individuals who had high value or “OG” (slang for Original Gangster) social media account names.”

Bypassing two-factor authentication with the help of cell providers and switching SIM cards is a method that may be used to sneak into sensitive websites like cryptocurrency exchanges and online banks. A number of people involved in the cryptocurrency industry have been defrauded through the practice of SIM swapping.

From the last couple of years the crime related to cryptocurrency has been increasing which has become a concern for the cryptocurrency industry as well as for the law enforcement.

Related Posts:

To get daily updates & trending news on crypto follow us on:

Facebook:- https://www.facebook.com/CryptoShrypto/

Instagram:-  https://www.instagram.com/cryptoshrypto_/?hl=en

Twitter:-  https://twitter.com/cryptoshrypto1

Youtube:-  https://www.youtube.com/channel/UCdAOUEQ3L_eYjU_NMDA1zxg

Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

19 − 5 =

- Advertisment -

Most Popular