In line with a recent official jail sentence ‘announced‘ by the Prosecutors in Santa Clara court, a young individual just 21 year old, has been sentenced to ten years in jail after turning into one amongst the 1st individuals within the U.S. found to be guilty of stealing cryptocurrency by hacking into other people cell phones.
Earlier in Feb. this year, the accused named ‘Joel Ortiz’ had pleaded ‘guilty‘ to his act of theft and accepted the 10-year plea deal.
Ortiz stole over $7.5 Mln from around 40 victims: the press-release further adds that he then spent $10,000 USD a time at Los Angeles nightclubs, hired a helicopter to fly him along with his friends to a music festival, and purchased high priced Gucci garments and luggage.
Earlier in May last year, one cryptocurrency businessperson in Cupertino lost around $5.2 Mln in an exceedingly matter of just a few minutes, prosecutors outlined.
Prosecutors delineated the one-time high school student as a “prolific SIM swapper who targeted victims to steal cryptocurrencies and to acquire over their social media accounts with the goal of additionally selling them for Bitcoin [BTC].”
Illicit SIM ‘swapping‘ usually involve duping phone corporations into switching mobile phone numbers to a new SIM card by providing fake addresses and social security numbers. From here, hackers are able to circumvent the 2-step authentication measures that are designed to ensure the safety of crypto assets.
Ortiz was detained at the Los Angeles International Airport last year, and investigators say they have been solely been able to recover just $400,000 USD of the purloined funds. They believe the rest of the funds have either been hidden or spent.
While adding further prosecutor Erin West said:
“These don’t seem to be Robin Hoods. These are crooks who use a computer rather than a gun. They’re not just simply stealing some ethereal, experimental currency. They’re stealing college funds, home mortgages, people’s lives and finances etc.”
Oritz had been sentenced earlier on 19th April by a judge after 2 hearings where victims delineated the monetary devastation caused by his crimes.
Even in Feb. in an ‘another case‘, a person was arrested in New York for stealing identities and funds, as well as cryptocurrencies, within the state’s first SIM swapping prosecution.