Meet 18 Year old boy Stealing Over $50 Million in Cryptocurrency using SIM-Swapping scam

An 18 year old hacker Samy Bensaci to face four-years criminal charges for stealing over $50 Million by targeting cryptocurrency holders

He is accused by Canadian authorities for gaining unauthorized access to cell phones of crypto-currency holders in America and Canada using the SIM-swapping technique.

The theft happened in the spring of 2018, a police representative said that “the hackers were responsible for the theft of $50 million.

Two popular Canadian crypto consultants, “head of the Blockchain Research Institute Don Tapscott and his son Alex, a globally recognized investor, advisor, and speaker on Blockchain technology and crypto-currencies are among the victims.

He was arrested in Victoria, British Columbia in November 2019 and charged for committing fraud over $5,000, identity fraud, and illegally accessing computer data.

The court prohibited him from owning or exchanging any form of the cryptocurrency, particularly bitcoins and has been ordered to live with his parents.

While staying at his residence with parents he is prohibited from accessing any computer, tablet, mobile phone, game console, including PS3, PS4, Xbox, Nintendo Switch or any other device connecting to the Internet.

What is Sim swapping?

It is a type of attack in which hackers trick the telecommunication companies to port the victim’s phone numbers to the SIM card owned by attackers.
Attackers use to gather personal details of the victims by using social engineering methods or to be purchased directly from data brokers.

Once the change processed victim phone will lose connection and the number will get activated with the attacker’s SIM card.
By using this method attackers bypass the two-factor authentication process via SMS or call to mobile phones.

If they get the details then attackers mimic the victim using personal details and claim they have lost them, so need a SIM card replacement.