Garrett Endicott, the sixth member of a hacking group known as “The Community” has been sentenced to 10-month imprisonment in addition to requested to pay a hefty high quality of $120,000 (roughly Rs. 90 lakh) for a 2019 SIM hijacking case. Accessing the cryptocurrency accounts and emails of the victims by way of hacked SIMs, this group stole as much as $9 million (roughly Rs. 67 crore). Garrett, the ultimate member of the group to be caught, was served the sentence by US’ Department of Justice on Tuesday, December 2.
As per a report by The Hill, every sufferer of this rip-off misplaced between $2,000 (roughly Rs. 1.5 lakh) and $5 million (roughly Rs. 3.7 crore). Many of the victims ended up shedding their retirement funds.
“The illegal activities of ‘The Community’ were thwarted as the result of a complex international cryptocurrency and identity theft investigation. As criminal organisations commonly use web-based schemes to further their illicit activities, this demonstrates how vulnerable our personal information can be,” Special Agent in Charge, James Harris was quoted as saying.
Other members of The Community have additionally been sentenced between 42 months to a few years in jail, together with fines going as excessive as $9.5 million (roughly Rs. 71 crore).
The crypto market is at present witnessing a worldwide growth with the general market cap lately touching the $Three trillion mark (roughly Rs. 2,22,79,296 crore) mark, as per market analysis tracker CoinGecko.
Cybercriminals have additionally been concentrating on crypto holders, buyers, in addition to exchanges to steal extra belongings. Recently, a cyber analysis staff from Sophos unearthed a Bitcoin pockets full of tokens price $1.four million (roughly Rs. 10 crore) that had been collected via scams. Scammers had been discovering victims by way of relationship apps like Bumble and Tinder.
In October, a significant hack assault price Ethereum-powered lending protocol known as “Cream Finance” $130 million (roughly Rs. 972 crore) price of crypto belongings.
A latest report has revealed that the overall crypto crime in 2020 amounted to round $10.52 billion (roughly Rs. 79,194 crores).
The similar report additionally highlighted that scams and frauds are a significant drawback that made for 67.eight p.c of the overall cryptocurrency crime in 2020.
Earlier in November, US’ Federal Bureau of Investigation (FBI) mentioned that cyber scammers are making harmless folks use bodily cryptocurrency ATMs and digital QR Codes to finish malicious transactions and dupe them off belongings.