A report has shown that two men were arrested in connections to the recent hacking of a crypto and blockchain organisation based in California. The hack was reported to have cost the company millions of dollars worth of crypto assets.
The Hacking Suspect
The suspects in the case are Joseph Harris, age 21, and Fletcher Robert Childers, age 23. The suspects have so far been arrested, although the report has also shown that Childers has been released on bail, while Harris is still in custody.
Their arrest was made based on their involvement in the hacking of Crowd Machine, crypto startup. Apart from hacking the startup, the two culprits were also involved in a case of Identify and grand theft.
The hack attempt has resulted into Crowd Machine not having access to its crypto wallet with about $14 million in it. This was report to have taken place on September 22, 2018. Crowd Machine expert suspects that the hacker made use of a SIM Card Swap method to perpetrate this hack.
SIM Card Swap
The SIM card swap method is now a popular method used by hackers to gain access to the victim’s wallet. The method makes it possible for these hackers to steal a person’s mobile number, identity, and access to certain accounts privilege information.
In a statement coming from the CEO and Founder of Crowd Machine, he states that:
“The criminal investigation is ongoing so we’re not in a position to comment other than to confirm that two arrests have been made. We’ve been working closely with law enforcement agencies to help with the ongoing investigation”.
The progress of this case is still yet unclear, however since the suspect has been arrested, if all goes according to plan, the company should be able to recover their lost funds as well as make sure the suspects face the full wrath of the law.