Justice Department Cracks Down on $5M Bitcoin Heist via SIM Swapping
The U.S. Justice Department is cracking down on cryptocurrency theft, with the latest case involving a $5 million bitcoin heist facilitated by SIM swapping. The Trump administration is pursuing the stolen funds through civil forfeiture proceedings.
The alleged thefts, tracked by the Department of Justice's Computer Crime and Intellectual Property Section (CCIPS), targeted individuals across the USA, including doctors and entrepreneurs. The defendant, Noah Urban from Florida, is accused of stealing at least $800,000 in crypto from five victims using SIM swapping and phishing. The stolen crypto was laundered through multiple wallets and eventually used to fund an account at Stake.com, an online casino.
CCIPS is pursuing crypto taken from five victims between late October 2022 and March 2023. This is not the first time the department has targeted stolen crypto. In August, it sought to seize $2.8 million related to the Zeppelin ransomware and over $1.9 million taken in crypto investment schemes. Other agencies, like the Los Angeles County government and blockchain intelligence company TRM Labs, can also make civil forfeiture complaints, as they did in late August to secure funds stolen from two people in romance scams.
The Justice Department's efforts highlight the growing threat of crypto theft and the need for robust security measures. As crypto becomes more prevalent, so too will the efforts to combat its misuse and protect victims.
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