A Hacker Ordered to Forfeit $5.2 Million in Bitcoin and a Sports Car
A federal judge has ruled that Ahmad Wagaafe Hared, a young hacker accused of stealing cryptocurrency from executives in Northern California, must forfeit nearly $5.2 million in Bitcoin and a sports car. The case is being heard in San Francisco’s federal court due to the regional focus of Hared’s alleged activities. Hared, who was living in Tucson, Arizona as a teenager in 2016, allegedly collaborated with two other individuals to steal cryptocurrency, specifically targeting victims in Northern California, a region known for its concentration of cryptocurrency startups.
According to prosecutors, Hared and his associates collected personal contact details of crypto executives and investors. They then deceived customer service representatives of mobile service providers into believing they were the legitimate owners of targeted phone numbers, a technique known as SIM swapping. Once in control of the phone numbers, they gained access to the victims’ email accounts and other secure platforms. This unauthorized access allowed them to infiltrate the victims’ cryptocurrency storage facilities and steal their funds.
Confiscation of Assets
Hared and his team profited financially from their operation. A federal judge in San Francisco issued a preliminary order authorizing the confiscation of 119.8 Bitcoin from Hared, valued at approximately $5.2 million. Hared is also required to surrender 93,420 Stellar (XLM) tokens, worth around $11,770, and a 2017 BMW i8, estimated to be worth about $60,000 in the used car market.
Legal Proceedings and Plea Agreement
In 2019, Hared entered into a plea agreement, although the details of the agreement remain confidential as many documents related to the case are still sealed. Initially facing charges of computer-related fraud, identity theft, and extortion, Hared’s legal representation and the U.S. Attorney’s Office have not provided any comments regarding the case.
Hot Take: Hacker Ordered to Forfeit $5.2 Million in Bitcoin and a Sports Car
A federal judge has ruled that Ahmad Wagaafe Hared, a young hacker accused of targeting cryptocurrency executives in Northern California, must forfeit $5.2 million worth of Bitcoin and a sports car. Hared, along with his associates, allegedly engaged in SIM swapping to gain unauthorized access to victims’ email accounts and cryptocurrency storage facilities. The case highlights the importance of securing personal information and implementing strong security measures to protect digital assets. With the increasing value of cryptocurrencies, hackers are becoming more sophisticated in their tactics. This ruling serves as a warning to potential hackers that their actions will have severe consequences. It also demonstrates the commitment of law enforcement agencies to combat cybercrime and protect individuals and businesses in the cryptocurrency industry.
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