During these past 15 months, over $50 million in digital assets have been stolen in the US, facilitated by a couple of hacking methods utilizing changed SIM card identities. A cyber cop reported in the New York post that following the beginning of the last year five hackers were charged and locked up for theft of cryptocurrencies.
By detecting a flaw in the techniques Sami Razi and his team at Silicon Valley’s REACT managed to catch a number of hackers. By depending on cellphone, the massages of cyber thieves were successfully traced to signal towers.
For instance, 18 year old man, Joel Ortiz, was found in Boston after bragging on the web about helicopter tours in Las Vegas, aiding the law enforcement in tracing him. Joel thinks that he had stolen up to $15 million worth in crypto assets and was later sentenced to 10 years in prison.
Several of the young crypto thieves were believed to have discovered these methods in gaming forums, where they understood that they could take social media names and sell them for a large sum of money. Although it may appear strange to outsiders, the handle @ was at one time sold for $40,000 in digital assets. However, only recently hackers had realized the value of crypto wallets.