The U.S. Department of Justice Seeks to Seize Stolen Bitcoin from Teen Hacker
The U.S. Department of Justice is taking action to confiscate millions of dollars worth of Bitcoin that was stolen by a teenage hacker from crypto executives four years ago. The hacker, Ahmad Wagaafe Hared, will also have to surrender the sports car he purchased using the stolen Bitcoin. In 2016, Hared, along with his co-conspirator Matthew Gene Ditman, engaged in a SIM-swapping scheme to deceive phone carriers and gain control over the cell phones of cryptocurrency executives in northern California.
Key Points:
- Last week, a federal judge ordered Ahmad Wagaafe Hared to return $5.2 million in stolen Bitcoin.
- SIM-swapping is a social engineering tactic used to gain access to personal data and bypass authentication measures.
- Hared and Ditman tricked customer support representatives to obtain details about the SIM cards assigned to the accounts of crypto executives.
During the investigation, it was discovered that Hared was an active participant in the darknet under the username ‘winblo’ and was known for selling highly prized social media accounts. The scheme was finally uncovered in 2019, leading to the arrest of Hared and Ditman.
Hot Take: Recovering Stolen Bitcoin Highlights the Importance of Security
This case serves as a reminder of the risks associated with cybersecurity in the crypto industry. SIM-swapping and other social engineering tactics can lead to substantial financial losses for individuals and companies. It is crucial for crypto executives and users to prioritize security measures such as two-factor authentication and regularly updating passwords. Additionally, law enforcement agencies are actively working to track down and seize stolen funds, sending a message to potential hackers that their actions will not go unpunished.
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