The Division of Justice introduced that Massachusetts males Eric Meiggs, 24, and Declan Harrington, 22, have been sentenced to 2 years in jail for stealing cryptocurrency by “SIM swapping” and different hacking strategies.
SIM swapping is basically a approach to get round two-factor authentication techniques that ship a code to entry an account. On this scheme, somebody methods a cellular phone provider to reassign the quantity from their sufferer’s SIM card to their very own. They then pose because the sufferer and request that the supplier ship a password reset hyperlink or authentication code to them. This enables them to log into the sufferer’s accounts.
The pair focused cryptocurrency executives in addition to established social media accounts of individuals prone to have loads of cryptocurrency, utilizing the SIM swapping approach to entry their on-line wallets and drain their tokens. It’s believed that the 2 managed to steal about $330,000 value of cryptocurrency this fashion from a minimum of 10 victims throughout the nation.
Higgs was sentenced to 2 years and at some point in jail; Harrington was sentenced to 2 years and 7 days in jail.