19 Year Old Steals Cryptocurrency to Buy McLaren

Karan Balwani

August 23, 2018 4:17 pm

Crypto Hack

19 Year Old Steals Cryptocurrency to Buy McLaren
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The Santa Clara police have arrested a 19 year old for a SIM swapping crime. Xzavyer Clemente Narvaez was arrested last week by the police for stealing Bitcoin and other cryptocurrencies using SIM swapping. This report was uncovered by Krebs on Security.

The convict bought luxury products from the stolen digital assets which include a McLaren car amounting to $200,000. One of the affected victims reported that they lost around $150,000 in cryptocurrency.

The convict is facing multiple charges regarding property theft, identity theft, information stealing, damage of computer data and more. Xzavyer is expected to plea on September 26.

The Superior Court of California County in Santa Clara has not provided any further information so far.

A SIM swap is a method employed by hackers to acquire phone numbers of the victims to exploit their digital assets and social media information. Once the SIM card is swapped, the victim’s phone loses service and all the incoming communication including text messages and calls are then received on the hacker’s device. Since the majority of web services employ phone numbers to authenticate the user, this method can grant the hacker access to the user’s various online accounts, including digital wallets.

Cryptocurrency scams are showing no signs of slowing down. In a report published recently, it was unveiled that over 50 percent of the scams occur in the United States alone. In another incident, a cryptocurrency millionaire was scammed out of his digital assets for which he sued AT&T for a sum of $224 million in damages.

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