Join Our Telegram channel to stay up to date on breaking news coverage
In a groundbreaking ruling, British hacker Joseph O’Connor, known as PlugwalkJoe in the online world, has been handed a five-year prison sentence in the United States.
Notorious British Hacker Sentenced to Five Years in US Prison for Cryptocurrency Theft
British hacker Joseph O’Connor, who is famously recognized as PlugwalkJoe in the digital realm, has received a significant five-year prison sentence in the United States. Following his arrest in Spain in July 2021, O’Connor was subsequently extradited to the US on April 26, 2023. His guilty plea in May encompassed various charges related to computer intrusions, wire fraud, and money laundering conspiracies.
The announcement of O’Connor’s sentencing was disclosed by the US Attorney’s Office for the Southern District of New York on June 23.
According to the statement, O’Connor has not been named, but it confirms that he gained unauthorized access to the accounts and computing systems of the exchange where the targeted executive worked by employing a SIM-swapping technique.
The court’s ruling includes not only the prison term but also a three-year period of supervised release. Additionally, O’Connor has been ordered to forfeit the exact amount he pilfered, which totals $794,012.64.
Furthermore, O’Connor’s criminal activities extend beyond the aforementioned SIM swap attack. He and his accomplices orchestrated the high-profile Twitter hack in July 2020, which netted them approximately $120,000 in stolen cryptocurrency.
The Twitter hack involved the deployment of social engineering techniques and SIM-swapping attacks, enabling O’Connor and his associates to seize control of around 130 prominent Twitter accounts.
Other Illegal Activities
In addition to their activities on Twitter, the group of cybercriminals also gained unauthorized access to two prominent accounts on TikTok and Snapchat. Exploiting their scheme, they deceived unsuspecting Twitter users and profited by selling access to compromised accounts.
One notable incident involved O’Connor attempting to blackmail a Snapchat victim by threatening to release private messages publicly unless they promoted O’Connor’s online persona through their posts. Additionally, O’Connor engaged in stalking and threats towards another victim, orchestrating swatting attacks by falsely reporting emergencies to authorities.
SIM swap attacks remain a prevalent issue, despite the passage of several years since O’Connor’s crimes.
This form of attack involves hackers gaining control of victims’ phone numbers by linking them to SIM cards under their control. By redirecting calls and messages, bad actors can exploit accounts protected by SMS-based two-factor authentication.
The crypto community continues to grapple with the repercussions of SIM swap attacks. Recently, blockchain investigator ZachXBT discovered a group of scammers who SIM-swapped at least eight high-profile crypto figures, resulting in the theft of nearly $1 million.
The group leveraged the hacked accounts to promote phishing links, ultimately deceiving unsuspecting individuals into surrendering their digital assets.
The case against O’Connor sheds light on the ongoing need for robust security measures within the cryptocurrency sector, as these attacks persist and pose a significant threat to the industry’s participants.
US Authorities Ramp Up Efforts to Combat Soaring Crypto Theft
Authorities in the United States are escalating their efforts to combat the soaring cases of cryptocurrency theft, which has become a major concern. Last year alone, hackers stole approximately $3.7 billion in digital assets, with North Korean state-sponsored cyber actors being the primary culprits, according to TRM Labs.
Despite a slight decline this year, TRM Labs reported that around $400 million in virtual currency was stolen in the first quarter of 2023. North Korean cyber actors have aggressively targeted the crypto sector, taking advantage of its lack of understanding and regulation.
Stolen crypto funds have become a crucial source of revenue for North Korea’s nuclear and ballistic missile program, as reported by the United Nations and U.S. officials.
Last year, North Korean cyber criminals accounted for a staggering $1 billion in stolen crypto, posing a serious national security threat. The Biden administration has taken strong actions, imposing sanctions on criminal groups and seizing stolen digital assets.
Crypto hacks have severe and immediate impacts, wiping out savings and potentially funding malicious activities. Law enforcement agencies should prioritize combating all forms of cybercrime, including crypto hacks.
Russia has also engaged in crypto hacking to evade economic sanctions and finance projects of national security importance. Recent charges were unsealed against two Russian nationals involved in the 2011 hack of cryptocurrency exchange Mt. Gox.
To combat the rise in crypto hacks, U.S. authorities have increased efforts by imposing sanctions, indicting individuals, and seizing domains. The Department of Justice dismantled the darknet cryptocurrency mixer ChipMixer, while Tornado Cash was sanctioned for aiding hackers in laundering over $7 billion.
Law enforcement agencies are improving their ability to track and trace funds, even as cybercriminals become more sophisticated. It is crucial for them to stay vigilant and employ advanced tools to effectively counter cybercrime.
Related News
- Atomic Wallet Hack Connected to North Korean Hacking Group Lazurus
- THORChain Used in Disguising $35M Loot from Atomic Wallet Hack
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
Join Our Telegram channel to stay up to date on breaking news coverage
