According to local news reports, 19-year old Yousef Selassie allegedly hacked into 75 mobile phones in 20 different states between January 20 and May 19 of this year. He managed to steal $1 million in crypto assets in five months.
Yousef Selassie pleaded not guilty to 87 counts of grand larceny and other charges.
Brooklyn-based Yousef was arrested earlier this month in Corona, California, and was extradited to New York. The accused has pleaded not guilty to 87 charges of grand larceny, identity theft, and other charges. He allegedly transferred his victims’ phone numbers into his own iPhones and accessed their all information, including crypto accounts and email addresses. According to the authorities, Yousef stole $1 million in cryptocurrencies just from two entities.
Sim Swapping thefts are on the rise.
Last month, two people were arrested for infiltrating into cell phones of crypto company executives and stealing more than half a million dollars. By using SIM swapping technique, the cybercriminal gains access to cell the phone and all accounts on it. Several people from the industry have reported SIM swapping attacks. Crypto exchange Bittrex is currently facing a lawsuit by one of its users who has alleged that the company did not act accordingly to protect him from such an attack.