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.
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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.
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.