Alleged SIM-swapper stole crypto to buy rap music, sports cars, and bling – The Next Web

The indictment says the property obtained with the proceeds of the SIM swapping scheme is subject to criminal forfeiture.

Faulk faces a maximum statutory sentence of 20 years behind bars and a $250,000 fine.

If convicted of the extortion charge, Faulk could spend up to two years in prison and made to pay an additional $250,000.

Faulk was arrested in Latrobe, Pennsylvania on Wednesday and has been released on a $250,000 bond. Hes due to appear in court on January 9, 2020.

Using SIM-swapping to swindle cryptocurrency seems to be a growing trend.

In September last year, attackers used the technique tosteal over $200,000worth of cryptocurrency from a professional gamer.

In a completely separate case, a group of 25 people allegedlyused SIM-swapping to steal $24 millionfrom Michael Terpin, an early Bitcoin investor.

The threat posed by SIM-swapping has become such a problem thatengineers at Googleare looking for ways to protect users from potential attacks.

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Alleged SIM-swapper stole crypto to buy rap music, sports cars, and bling - The Next Web