The College Student Who Stole $7.5 Million Using SIM Cards

The College Student Who Stole $7.5 Million Using SIM Cards
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In 2018, Joel Ortiz, a 21-year-old student from Boston, orchestrated a series of SIM swapping attacks that resulted in the theft of over $7.5 million in cryptocurrency from at least 40 victims in the united states. SIM swapping involves manipulating mobile carriers to transfer a target's phone number to a SIM card controlled by the attacker. This allows the attacker to intercept calls and messages, including two-factor authentication codes, granting access to the victim's online accounts.
Ortiz and his associates targeted individuals in the cryptocurrency industry, exploiting the high value and relative anonymity of digital assets. Notably, during the Consensus conference in May 2018, he stole $5.2 million from a single entrepreneur within minutes.
Following his arrest at Los Angeles International Airport in July 2018, Ortiz pleaded no contest to multiple felony charges, including identity theft and grand theft.
This case underscores the vulnerabilities in mobile carrier security and the importance of safeguarding personal information to prevent such attacks.

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