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Five Indicted in $11 Million Cryptocurrency Hacking Operation Across Multiple Countries
Five individuals linked to the hacking group "Scattered Spider" were indicted for stealing $11 million in cryptocurrency through phishing and SIM swap attacks.
Hacking Scheme Uncovered
On November 20, the U.S. Attorney’s Office in California revealed that five individuals have been indicted for their involvement in a hacking scheme that impacted numerous businesses and individuals, leading to the theft of $11 million worth of cryptocurrency and private data.
Officials say that the group utilized methods like phishing SMS messages and SIM swapping to illegally access the login information of employees and associates of various companies.
Court documents indicate there were at least 29 distinct victims affected by cryptocurrency theft.
One individual faced a staggering loss, with over $6.3 million stolen after hackers infiltrated their email accounts and digital wallets.
Targets and Techniques
The alleged hackers set their sights on 45 companies across several countries, including the United States, Canada, India, and the United Kingdom.
One of their notable targets was a cryptocurrency exchange in the U.S., where employees were tricked into revealing sensitive information by a fraudulent text about impending account deactivation.
These individuals are reportedly linked to a hacking group known as “Scattered Spider,” which prosecutors say was operational from September 2021 through April 2023.
The defendants include Ahmed Elbadawy, 23, from Texas; 20-year-olds Noah Urban from Florida and Evans Osiebo from Dallas; Joel Evans, 25, from North Carolina; and Tyler Buchanan, 22, from Scotland.
They face a range of serious charges, such as conspiracy, conspiracy to commit wire fraud, and aggravated identity theft.
Should they be convicted, they could each face up to 20 years in prison for their fraud-related offenses.
Investigation and Implications
The FBI has had challenges in curbing the activities of Scattered Spider, which is also associated with security breaches at major casinos like Caesars Entertainment and MGM.
It remains unclear whether the five charged were involved in those specific incidents, though the court documents do reference other potential co-conspirators.
Investigators were able to trace Buchanan’s online activities back to the registration details he provided for phishing websites, which were then used against the victims.
Additionally, a thorough examination of his devices uncovered data linked to a U.S. cryptocurrency exchange and information from a telecommunications company in the United States.
Source: Cointelegraph.com
