Hacker Steals $1 Million in Crypto From Silicon Valley Exec

There’s a whole new wave of cybercrime that has been inspired by the mobile-first nature of cryptocurrency wallet storage through platforms like Coinbase and Gemini.

Called “SIM swapping,” the fraud is done when a hacker first impersonates his victim while calling the relevant wireless provider to prompt the transfer of the victim’s current cell phone number to a new sim card owned by the hacker. This enables the hacker to gain access to victim’s information, apps and more importantly, access to their SMS to gain secure access codes to financial platforms.

This was exactly what happened when 21-year old Nicholas Truglia allegedly hacked San Francisco resident and Silicon Valley executive Robert Ross on October 26, gaining access to Ross’ Coinbase and Gemini accounts to steal more than $1 million in cryptocurrency.