LOADING

Type to search

Brits Lose Thousands in ‘Crypto Muggings’ and Beware of SIM Swapping

Investments

Brits Lose Thousands in ‘Crypto Muggings’ and Beware of SIM Swapping

Share

Key insights:

  • London police have reported there are thieves who target crypto investors on the street.

  • Criminals lure smartphones from the owners.

  • Once the phone ends up in the hands of thieves, they covertly transfer crypto to other accounts.

Police in the United Kingdom are investigating a spate of “crypto muggings” in London, where victims have reportedly lost thousands of pounds in cryptocurrency.

Criminals are targeting people’s crypto investments handled on smartphones by either luring them from the owners or applying physical force to gain access to accounts. Once the phone ends up in the hands of thieves, they covertly transfer cryptocurrencies, such as ether (ETH) or XRP, out of the victim’s account. After that, however, the phones are handed back to the victims.

David Gerard, the author of the Attack on the 50 Foot Blockchain book, told The Guardian:

“If I get robbed and they force me to make a bank transfer, the bank can trace where the money has gone and there are all sorts of comebacks. You can reverse the transaction. With crypto, if I transfer it to my crypto wallet I’ve got your coins and you can’t get them back.”

Stealing crypto through SIM swapping

Also reported earlier today, Robert Barr, 24, an alleged crypto hacker accused of stealing over $8.6 million in cryptocurrency may be extradited from the UK to the US.

US authorities claim the young Scot stole from crypto dealer Reggie Middleton located in Boston and, then, transferred the assets to…

Read more…

Leave a Comment

Your email address will not be published. Required fields are marked *