California Jails Student for 10 Years for $7.5 Million SIM-Swap Bitcoin Hack

Samantha Chang
Updated
In a sentencing first , a SIM swapping 21-year old accused of stealing over $7 million in crypto gets a 10-year prison sentence. | Source: Shutterstock
In a sentencing first , a SIM swapping 21-year old accused of stealing over $7 million in crypto gets a 10-year prison sentence. | Source: Shutterstock

By CCN.com: A 21-year-old Boston man has been sentenced to 10 years in jail for stealing $7.5 million in bitcoin and other cryptocurrencies by hacking his victims’ cell phones through a practice called “SIM swapping.”

This is the first-ever arrest and conviction in the United States for a SIM swap scam. That’s when the perpetrator clones his victims’ SIM cards in order to hack into their smartphones to gain access to their online accounts.

Millions Stolen During CoinDesk Conference

Joel Ortiz, 21, a UMass Boston student and his henchmen specifically targeted people in the cryptocurrency industry (which is ironic, since many people think crypto folks are scam artists).

In May 2018, Ortiz stole millions by hacking several people’s smartphones at Consensus, an industry conference hosted by crypto news website CoinDesk.

In total, Ortiz stole more than $7.5 million from at least 40 victims, the Santa Clara District Attorney’s Office announced in a statement.

“Ortiz was a prolific SIM swapper who targeted victims to steal cryptocurrency and to take over social media accounts with the goal of selling them for Bitcoin.”

Read the full story on CCN.com.