Crypto SIM swap theft cases: 23-year-old from Pennsylvania arrested for conspiring fraud

Crypto SIM swapping attacks make rounds once again as 23-year old US resident attempts at stealing digital assets. 

Crypto SIM swap attacks

Crypto SIM swapping attacks are growing as a source of financial grievance across the globe. This is especially the case for the crypto industry. A 23-year-old man from the US has been charged with allegations of committing fraud activities. The man will be facing a grand jury as per a recent report.

The document reports that the alleged person Anthony Faulk was conspiring to commit fraud by stealing the digital assets from company executives working in the same sector. Although the exact amount stolen remains unknown, it cannot be a small sum given that he allegedly bought four cars including a Ferrari, a Rolex watch, a house, jewellery and royalty rights for twenty songs.

Faulk has partners that he has not yet revealed and apparently all of them have extorted a number of victims through this SIM swapping scheme. If the allegations turn out to be correct, Faulk would be facing 20 years in prison and a 250,000 dollars fine. Currently has paid the same sum for his warrant after being taken into custody.

Crypto SIM swappings have become rampant across the markets as recently many such cases have reared their ugly heads across the world. Recently, two people were arrested from the US state of Massachusetts for stealing crypto assets across the country through SIM swapping. They used the social media accounts of their victims to steal their assets and have at least ten victims. Reportedly, they managed to cash in over half a million dollars in various digital assets.