20-YEAR-OLD TEENAGER CHARGED WITH BITCOIN THEFT THROUGH SIM SWAP

20-YEAR-OLD TEENAGER CHARGED WITH BITCOIN THEFT THROUGH SIM SWAP

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Authorities have charged a teenager, a 20-year-old California resident, for his role in the SIM swap attack to steal his BTC from a doctor who owned 100 bitcoins. 

Richard Yuan Li, 20, who lives in California, was charged with conspiracy to commit phone fraud for his role in dozens of SIM swap attacks targeting about 20 people, including an attempt to forcibly retrieve BTC from a New Orleans-based doctor and crypto investor.

February January 2018 to February 2019, Richard, known only as 'investor a', reportedly collaborated with other scammers to defraud large numbers of victims through SIM swap attacks,

SIM swaps allow the victim to access personal information such as emails, bank accounts and cryptocurrency wallets by redirecting the SIM to the phone so that the perpetrators have it.

After gaining access to the crypto wallet, the attacker transfers the money into his account. According to the complaint, Li first joined Apple Inc in 2018.he participated in a program to defraud.

The 20-year-old convinced Apple customer support staff that he and Li had not bought an iPhone 8 he had bought from his company. The co-conspirators had a second device.


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