Three Charged With Orchestrating a $400 Million SIM-Swapping Scam On FTX

DoJ emblem and handcuffs

The Department of Justice (DOJ) has taken decisive action by charging three individuals allegedly involved in a sophisticated SIM-swapping scheme that specifically targeted the now-defunct cryptocurrency exchange FTX. This intricate plot resulted in the unlawful extraction of more than $400 million from the beleaguered exchange.

Text Message Interceptions

The Department of Justice (DOJ) has charged three individuals in connection with a sophisticated SIM-swapping scheme that targeted defunct cryptocurrency exchange FTX, resulting in the theft of over $400 million. The orchestrated attack occurred just as FTX faced financial turmoil, filing for bankruptcy in November 2022 and witnessing its founder, Sam Bankman-Fried, step down.

Money Laundering

The charges shed light on the severity of the cybercrime, revealing a strategic effort to exploit vulnerabilities in FTX’s security measures during a tumultuous phase for the cryptocurrency exchange.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.