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- 1 A Federal Judge recently approved an order regarding the surrender of stolen Bitcoin.
- 2 Ahmed Wagaafe Hared stole $5.2 Million worth of Bitcoin in 2016.
As per the reports from The San Francisco Standard, a Federal Judge recently approved Hared to submit the stolen Bitcoin. The U.S. Department of Justice (DOJ) has taken legal action to reclaim the Millions of dollars in Bitcoin. The teenager stole cryptocurrency from crypto executives seven years ago.
Hared stole the crypto using a method called sim swapping. It is a process in which hackers deceive a carrier’s cell phone to gain control of the target’s phone number. By posing as the owner, he and his co-conspirator tricked the customer care representative into transferring the SIM card to a device they control, allowing them to access personal data and bypass security measures to carry out fraudulent activities.
The Order Demands Return of the Stolen Amount and Car
Last week, a Federal Judge signed off the order demanding the teenager to submit the stolen amount. The car and the Bitcoin stolen were part of the SIM swapping scheme. This scheme is very commonly used by hackers to gain control over personalized data.
In 2016, Hared was 18 when he and the other co-conspirator Matthew Gene Ditman of Nevada defrauded the executives.
The cyber security journalist, Brian Krebs said that Hared had spent a considerable amount of time on the dark web going by the name “winblo.” He was very active online with this name and he ran a marketplace that sold social media accounts at a very high price.
Kreb also stated that with some of these stolen cryptocurrencies, the teenager purchased the BMW i8 which cost around $150,000 at the time. Prosecutors said in their accusation that both of them have called some of their victims after gaining control over their accounts in a bid to further force them.
The scheme came to an end in 2019 after an investigation, when the FBI recognized Hared and Ditman and arrested them. They are yet to be sentenced. A large chunk of crypto startups are based in Silicon Valley, where the executives are also based.
Summary
The federal court ordered the teenager to return the $5.2 Million he stole in Bitcoin. He has to surrender the amount that he has hacked through sim swapping in 2016. Through sim swapping, he gained access to the personal information of the executives.
The other co-conspirator is Matthew Gene Ditman who is with Hared while sim swapping. Hared is a known figure of the darknet where he ran a business selling high-priced social media accounts. The teen hacker is now under arrest; the judge ordered the BMW i8 be handed over to the authorities.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
