Putting an end to cryptocurrency scams remains an ongoing effort. The Department of Justice has recently arrested and charged two individuals for stealing cryptocurrencies.

In the document published on the DOJ website, it is explained how two Massachusetts men are currently in custody.

SIM Swapping Culprits get Nabbed

Both of these individuals are charged with being involved in SIM swapping incidents, resulting in the theft of various cryptocurrencies.

Their main objective was to take over victims’ social media accounts and then use that information to steal cryptocurrencies.

Both men face 11 different indictments, including conspiracy, wire fraud, computer fraud, and aggravated identity theft.

By effectively targeting executives of cryptocurrency firms, the two individuals were rather successful in their efforts. Multiple victims fell victim to their activities. 

The DOJ also claims the duo has stolen as much as $550,000 worth of cryptocurrency, although that number may rise as the investigation continues. 

For the time being, the FBI and IRS-CI will continue to sift through evidence to build their case against both individuals.

Over the past few years, SIM swapping has become a genuine threat to cryptocurrency users all over the world.

For criminals, it is often relatively easy to trick a phone operator into granting them access to the number they seek to take control over.

That in itself is perhaps the biggest problem, as it can affect many different aspects of the finance industry.

Using the same method, criminals could easily gain control over someone’ bank account or other tool to send and receive money. 

It is now up to mobile phone providers to take the necessary action and prevent incidents like these from happening.