Two residents of Massachusetts – Erig Meiggs and Declan Harrington – will be sent to jail for two years after stealing approximately $330,000 worth of cryptocurrency from victims.
The perpetrators utilized multiple techniques to drain funds, including “SIM swapping” and computer hacking.
USA has been experiencing fraudulent activities involving digital assets lately.
At the end of August, the authorities charged the Miami trio – Esteban Cabrera Da Corte, Luis Hernandez Gonzalez, and Asdrubal Ramirez Meza – for defrauding banks and cryptocurrency platforms for over $4 million.
Their activities could result in a 30-year jail term.
US latest Scam
The United States Department of Justice (DOJ) announced that Erig Meiggs will spend two years and one day in jail, while his accomplice Declan Harrington will remain behind bars for two years and seven days.
These men attacked mainly executives of cryptocurrency organizations and applied sophisticated techniques to drain their digital assets.
“According to court documents, Meiggs and Harrington targeted executives of cryptocurrency companies and others who likely had significant amounts of cryptocurrency and those who had high value or “OG” (slang for Original Gangster) social media account names,” the statement reads.
Amongst other practices, the DOJ claimed that Meiggs and Harrington’s favorite practice was “SIM swapping.”
Sim swapping is theft form that involves stealing a mobile phone number by assigning it to a new Subscriber Identity Module (SIM) card, and later inserting the new SIM into a different device and access accounts.
After that, they pretend to be victims, requesting the phone provider to send password-reset links or an authentication code.
With those credentials, they can have full control of one’s account and steal assets from there.
“SIM swapping,” computer hacking, and other techniques helped the two residents of Massachusetts drain around $330,000 in digital currencies from at least ten identified victims across the States. Meiggs and Harrington admitted their crime in August 2021, which is why they evaded more severe punishment.