Two Americans have been sent to prison for stealing cryptocurrency by swapping a SIM card

Massachusetts residents – Iraj Meggs and Declan Harrington – will be jailed for two years for stealing about $330,000 in cryptocurrency from victims. Criminals used several techniques to drain assets, including “SIM swap” and data breaches.

Scams related to digital assets have recently been on the rise in the United States. In late August, authorities accused the Miami trio — Esteban Cabrera da Corte, Luis Hernandez Gonzalez and Asdrobal Ramirez Meza — of defrauding banks and cryptocurrency platforms with more than $4 million in cash. Their illegal activities can result in up to 30 years in prison.

The latest cryptocurrency scam in the US

US Department of Justice (DOJ) most dangerous Eric Meggs will spend two years and one day in prison, while his partner Declan Harrington will remain behind bars for two years and seven days. The men mainly attacked the CEOs of crypto organizations and used sophisticated techniques to steal their assets.

“According to court documents, Meiggs and Harrington targeted cryptocurrency company executives and others potentially holding large amounts of cryptocurrency and those with high value or OG social media account names (slang for Original Gangster),” the statement said.

The Department of Justice claimed that Meiggs and Harrington’s preferred practice was “SIM swap”. This is a form of theft where criminals steal a mobile phone number by assigning it to a Subscriber Identity Unit (SIM) card. Later, they insert the new SIM into another device and access the accounts.

The cybercriminals then pretend to be victims and ask the phone provider to send you password-reset or authentication code links. With these credentials, they can take full control of an individual’s account and steal assets from there.

“SIM swaps,” computer hacking and other technologies helped Massachusetts residents Monday drain about $330,000 in cryptocurrency from at least ten identified victims across the states. Miggs and Harrington He confessed Their crime is in August 2021, which is why they avoided harsher penalties.

Cryptographic schemes in Florida

The three Miami residents — Esteban Cabrera da Corte, Luis Hernandez Gonzalez and Asdrobal Ramirez Meza — made headlines in August by stealing more than $4 million from banking and crypto-exchange institutions.

The trio used to buy digital assets from several platforms using stolen identities and complained to banks that transactions were done without the necessary authorization and demanded a refund.

Homeland Security discovered the crime and led the arrest of the men. As a result of their illegal activities, they risk imprisonment of up to 30 years.

Last month, US authorities brought another Florida citizen to trial – Joshua David Nicholas. He and other members of the dubious crypto platform EmpiresX defrauded investors of $100 million in cryptocurrency.

The company was not registered with the relevant regulatory authorities and operates as a typical Ponzi scheme. But Nicholas pleaded guilty, which means he will serve a maximum sentence of five years in prison.

The post that two Americans were sent to prison for stealing crypto by swapping a SIM card first appeared on CryptoPotato.

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