Hacking is a new and easy way for stealing and robbing money nonowadays. Recently a cryptocurrency hack took place with a father of two, Robert Ross in San Francisco.
He got hacked by a 21 years old Nicholas Truglia who clean up $1 million from his account.
Victim saved this sum for his daughter’s college tuition fee. During the case hearing the prosecutor said that not only this but the criminal hacked multiple Silicon Valley executives but he wasn’t able to rob their accounts.
The criminal is arrested and is now charged with 21 counts including identity theft, cryptocurrency hack, fraud, embezzlement, crimes that “involve a pattern of related felony conduct,” and attempted grand theft by the court.
On Oct 26, the victim got confused and went to Apple store for his cell phone checking suddenly he lost his cell phone signals. He converted that money to cryptocurrency and moved it to his own accounts.
Officials were able to recover $300,000 from his computer hard drive but the rest of the missing money may be tough to track down.
Cryptocurrency trading gets popularity especially last year. In it, the transactions are recorded on a public ledger, known as blockchain. They can also be seen by anyone, but the identity of the sender and receiver are kept anonymous.
However with the increase of cryptocurrency hack, individuals through cryptocurrency lost by $1.6 billion at the end of June.
Sim swapping is not a new thing in the hacking world where they take over phone number accounts by duping wireless carries.
It can be controlled as experts said:
By guarding cellphone numbers like guarding their social security numbers. Another way is that the investors keep their money in cold storage where one can store digital currency offline, away from any internet access and harder to hack.
A case emerged in summer this year when AT&T was sued by Michael Terpin, a California man, of about $224 million after $24million worth got cryptocurrency hack by using his number.