NYC Hacker Steals $1 Million In Cryptocurrency With Just A Phone Call

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A New York City man has been arrested on allegations of stealing $1 million dollars in cryptocurrency from a Silicon Valley executive using a smartphone-based vulnerability known as ‘SIM swapping.’ How can you protect yourself from falling prey to a similar attack?

The hacker in question, 21-year-old Nicholas Truglia, has been apprehended and is facing 21 counts of felony conduct — including attempted grand theft, identity theft, and fraud.

The charges stem from an incident that occurred on October 26, when Truglia was able to take over control of the mobile phone number belonging to a Silicon Valley-based technology executive named Robert Ross.

SIM Swapping

In an attack commonly known as a ‘SIM swap,’ the attacker is able to contact the victim’s mobile phone service provider and claim that their phone was lost or stolen. The thief will then attempt to convince the service operator to remotely reassign all the phone’s credentials and information to a new device belonging to the thief by answering some security and identifying questions.

The same thing happened in this particular case, allowing Truglia to access Ross’s Coinbase and Gemini exchange accounts, where he was storing a total of $1 million worth of cryptocurrency — an amount he claimed was being saved for his children’s’ college education funds.

It was reported that only $300,000 had been recovered thus far, and it is unclear if Ross will ever be able to make the entire loss back.

A similar case happened this past summer resulting when $24 million in cryptocurrency was stolen from Michael Terpin, who turned around and sued his service provider AT&T for $224 million for (unknowingly) cooperating with the thieves.

sim swapping

Don’t Be A Target

The simple yet effective nature of this attack has many worried that they could one day become a victim and reexamining the security measures which can be used to mitigate such a breach.

In both cases described above, the attacker was able to drain the funds from the victims as they were sitting on cryptocurrency exchanges. The wallets which customers use on most cryptocurrency exchanges are ‘hot,’ meaning that they are connected to the internet and therefore more vulnerable to remote attacks.

One of the golden of rules of investing in cryptocurrency is to keep your funds which you are not using to trade in ‘cold’ storage via a hardware storage device or paper wallet, for example. If you do decide to leave funds on an exchange, it is best to set up multi-factor authentication on the account and only use the most trusted exchanges.

Data breaches and identity theft, unfortunately, happen all the time. You should always be careful with how much and with whom you share your private information about your life or finances.


Source
Author: Carl Bird
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Hacker Claims He Made USD 120,000 in a Week Thanks to EOS Bugs

Security issues can bring down even the biggest platforms, despite them being valued at billions of dollars. That’s why EOS, a blockchain project that raised USD 4 billion, offered a bounty of USD 10,000 for anyone finding a bug in their code described as “a unique bug that can cause a crash, privilege escalation, or non-deterministic behavior in smart contracts.” One such person claims he managed to earn USD 120,000 in merely a week.


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Dutch ethical hacker* Guido Vranken found several bugs, at first claimed to be only eight in a tweet by another ethical hacker Jon Bottarini, who was later corrected by Vranken himself, saying he found 12 – for a total of USD 120,000, but he adds that he lost count and that it took him about a week. Vranken has also previously reported bugs to Ethereum, Ripple, and Stellar.

Vranken even said on a Reddit thread about his work that EOS had offered him a job shortly after he reported his discovery. The company, Block.one, was reported to have “a series of epic vulnerabilities” discovered on its platform by China-based security firm Qihoo 360.

Qihoo 360 said that Block.One has promised to hold off EOS mainnet launch until the vulnerabilities are eliminated, but the company went ahead with the launch anyway stating that all the bugs will be fixed by the time of the launch. Some reports indicate that the EOS blockchain is still not fully up and running. It is still not known whether the bugs Vranken found have been fixed.
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* – According to EC-Council, Ethical Hacker is a skilled professional who understands and knows how to look for weaknesses and vulnerabilities in target systems and uses the same knowledge and tools as a malicious hacker, but in a lawful and legitimate manner to assess the security posture of a target system(s)


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Author: Sead Fadilpasic
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London Police Seize £500,000 in Bitcoin from “Cyber Crime Wave” Hacker

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Described by his sentencing judge as a “one man cybercrime wave”, British hacker Grant West caused hundreds of thousands of dollars worth of damages through his activities stealing and selling personal and financial information on the dark web.

West sent phishing emails under the guise of surveys from popular takeaway food delivery service Just Eat, offering food vouchers in exchange for completing a survey. The survey was a fake, and respondents were actually sending their personal details back to Grant so that he could sell them to the dark black market – the phishing scam alone netted West £180,000 or $240,000 which he then converted into Bitcoin. BBC reports that the scam cost the Just Eat company £200,000 or $265,000.

West also directly targeted over 100 other companies including major firms like Barclay’s, Asda, Ladbrokes, Uber, and British Airways, hacking them for more customer data to sell.

His Barclay’s attacks resulted in West’s clients fraudulently removing £84,000 or $110,000 from customer accounts and costing the bank £300,000 or $400,000 to remedy through new security measures. Similarly, West cost British Airways £400,000 or $530,000 after he hacked Avios accounts.

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He reportedly used the money to pay for a new Audi worth £40,000 or $53,000 and several trips to Las Vegas among other luxuries.

West was arrested in 2017 on a first-class train to London in September 2017. Detectives from the Scotland Yard cybercrime unit chose the moment to end their two-year investigation carefully, making sure Grant was logged into his computer so and grabbing his arms before he could log out of his heavily encrypted cryptocurrency wallets and dark web accounts, which otherwise would be very difficult to link to him legally.

On the laptop, which belonged to West’s girlfriend, police found the financial information of 100,000 people. A subsequent raid on his home revealed an SD card with the details of 63,000 credit and debit cards as well as 7 million email addresses and passwords, along with £25,000 or $33,000 in cash and half a kilogram of cannabis, which West was also selling on the dark web.

West went by the username Courvoisier, after the top-shelf brandy, selling stolen information and drugs on the now-defunct site Alpha Bay. He pled guilty to conspiracy to commit fraud, computer misuse, and drug offenses on 2 May and on Friday May 25 Judge Michael Gledhill sentenced West to 10 years and eight months in prison.

Police accessed and seized over £500,000 or $667,000 worth of ill-gotten Bitcoin from West’s girlfriend’s device, and she was sentenced to community service for unauthorised access of computer material – however, according to Judge Gledhill, over £1.6 million or $2.13 million worth of West’s cryptocurrency is still unaccounted for.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Conor Maloney
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