A US court has sentenced Pennsylvanian thief Anthony Falk, age 26, for conspiring with others to swindle the digital currency owners out of their money. Falk received a three-year prison term and must pay his victims $3 million in reparations. He will also have his assets, which total around $20 million and consist of real estate, bank accounts, and costly items, taken.
The “SIM Swap” Scam: Inside a Bitcoin Heist
The “SIM swapping” strategy, which involved moving victims’ phone numbers to SIM cards in the attackers’ devices, served as the foundation for the fraud operation. They accomplished this by employing a variety of social engineering tactics to trick mobile operator workers. After seizing control of the numbers, the con artists accessed the victims’ emails and other accounts and transferred Bitcoin to their wallets there. On occasion, they would even phone the victims and demand more money by threatening to corrupt new accounts. According to reports, their illicit conduct took place between October 2016 and May 2018.
The 11 victims will get reimbursement totaling $2,816,433 from Falk. Additionally, the court decided that lots of government-seized assets that were gained by or were the results of fraud must be confiscated. These belongings consist of a nearly $1 million Pennsylvania home, three accounts at J.P. Morgan Chase with values of $12.5 million, $6.2 million, and $18,000, three Mercedes-Benz GTS, Nissan Rouge, and Chevrolet Silverado K1500 cars, diamond jewelry, a Rolex watch, Tiffany earrings, and a Louis Vuitton handbag.
Additionally, Falk’s two conspirators were detained and accused with extortion and fraud conspiracy. Their trials are scheduled for late August or early October 2023.