Theft is bad; this is a lesson we’re all taught at an early age, but for one 21-year-old man from Boston, that lesson is coming a little too late.
Crypto Thief Will Face Jail Time
That man is Joel Ortiz, a former high school valedictorian. He’s now been sentenced to ten years in prison by a Santa Clara (California) judge for his role in stealing millions in crypto funds from a Silicon Valley entrepreneur. It is estimated that Ortiz took nearly $8 million in digital assets from a total of 40 people. Ortiz pled no contest to ten separate felony theft charges last January and was sentenced on April 19.
Ortiz stole the money through a process called SIM swapping. This occurs when a hacker gains access to a user’s phone or SIM card. From there, they’re able to download information about that person including usernames and passwords for various online accounts. They are then able to take over the person’s phone and call their accounts to see about initiating password changes,…
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