As crime has constantly been evolving since a long period of time, it has changed quite a many faces. Speaking of which, the present scenario is witnessing enormous thefts as well damage to privacy and security in the crypto market.
9th May might be recorded as imperative day as it took a really ameliorating step against crimes that take place in the crypto market. The United States Department of Justice, on 9th May released a fifteen-count indictment charging a hacking group who are accused of stealing cryptocurrencies.
Lets get to the WHO and HOW :
WHO ARE THEY? The United States Department of Justice
As per the indictment, this hacking group labelled themselves as ‘Community’ which included a group of 5 Americans as well as an Irishman. They have clearly been charged with wire fraud, conspiracy to commit fraud as well as aggravated identity theft. This is not the complete group as another 3 were caught who are, as reported, the former employees of mobile phone providers.
HOW DID THEY DO IT?
The document clearly describes the whole process of their actions. It says that this hacking group used the technique of SIM swapping method to execute their plans. According to this technique it generally targets a weakness in two-factor authentication. The clear plan was to gain a complete control over the target’s cell phone by convincing or bribing the employees of the mobile provider who would swap the phone number to a SIM card controlled by the hackers.
As soon as this part was complete, The Community was capable of accessing to the target’s various online accounts which also included their crypto exchange wallets.
As reported till now, a total amount of $2.5 million worth of cryptocurrencies was sent to wallets owned by the Community.