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US charges 5 hackers in $11M crypto theft scheme

US charges 5 hackers in $11M crypto theft scheme

GrafaGrafa2024/11/21 10:37
By:Isaac Francis

U.S. prosecutors have charged five individuals connected to the hacking group "Scattered Spider" for their alleged involvement in a scheme that stole $11 million in cryptocurrency and sensitive data from businesses and individuals.

The group reportedly used SMS phishing and SIM-swapping attacks to compromise login credentials and gain unauthorised access to accounts.

According to the California U.S. Attorney’s Office, the hackers targeted employees of companies, including a U.S.-based crypto exchange, by tricking them into clicking phishing links.

One victim reportedly lost over $6.3 million in cryptocurrency after their email and wallets were compromised.

The group is accused of targeting 45 companies across the U.S., Canada, India, and the U.K., stealing intellectual property, personal data, and proprietary information.

"We allege that this group of cybercriminals perpetrated a sophisticated scheme to steal intellectual property and proprietary information worth tens of millions of dollars and steal personal information belonging to hundreds of thousands of individuals," stated Martin Estrada, U.S. Attorney in Los Angeles. 

The defendants include Ahmed Elbadawy, 23, from Texas; Noah Urban, 20, from Florida; Evans Osiebo, 20, from Dallas; Joel Evans, 25, from North Carolina; and Tyler Buchanan, 22, from Scotland.

They face charges of conspiracy, wire fraud, and aggravated identity theft, with some charges carrying maximum sentences of 20 years in prison.

Authorities, including the FBI and Police Scotland, tracked Buchanan through phishing sites he registered and found stolen data on his devices, including information from a U.S. crypto exchange and a telecom company.

Investigators have identified additional co-conspirators, indicating the case could expand as more suspects are identified.

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