A man hailing from San Francisco has lost an amount of $1 million owing to sim swapping which he initially anticipated as a problem with the cell phone signal. The victim, Robert Ross, had absolutely no idea that his phone was taken into control by a hacker until he realized a whopping amount gone missing from his account. He visited the Apple Store for help as soon s he found out no signal issue on his phone and then he called his service provider AT&T. But by the time he resolved the issue, he was being theft.

It has been known that Ross had two Cryptocurrency accounts with Gemini and Coinbase. The hacker with his sim swapping hacking skills had stolen $500,000 from each of the accounts that the victim possessed. Following this, Ross filed a felony complaint against the hacker who implemented the sim swapping technique to withdraw large amounts of the Cryptocurrency.

The alleged hacked was named Nicholas Truglia who is a 21 year old Manhattan resident. He is not only under the charge of this particular case but he had attempted to victimize many other individuals, probably 21, that included Silicon Valley executives as well.

According to a report submitted by Coindesk, Cryptocurrency users had been scammed of a total of $1.6 billion. All of such crimes have resulted in the depreciation of the Cryptocurrency. The sim swapping technique is the most prevalent techniques used by the fraudsters to get access to the victims’ cell phone details which they later use to get authorization from the wireless carriers.

As per the cybersecurity experts, users should go for cold storage in order to save themselves from such fraudulent activities as this type of storage makes it difficult for the hackers to steal from the victims as this type of storage permits the users to safely store their digital funds offline.

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