Cyber thieves charged for using SIM swapping to hack crypto accounts

A 20-year-old Ohio resident has been charged for stealing funds from victims he knew held crypto by using a “SIM swapping” scam, the department announced this week. Dawson Bakies successfully logged into 18 online accounts – including several cryptocurrency exchange accounts – before stealing approximately $10,000 in crypto. This is the second SIM swapping verdict this week, after 20-year old Joel Ortiz was sentenced to 10 years in a Californian prison for stealing $5 million in crypto from 40 different victims using the same scheme.

The increasingly prevalent scam, which allows thieves to bypass 2 Factor authentication safeguards, involves a perpetrator persuading a mobile carrier to reroute a victim’s phone number to their own SIM card. This means they can receive password-sensitive messages from the stolen number.

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