A teenage hacker took over 75 SIM cards and used them during mass identity theft, which allegedly allowed him to earn cryptocurrencies worth one million dollars.

According to media reports, 19-year-old Yousef Selassie from New York stole the identity of 75 people, stealing a total of $ 1 million in cryptocurrency.

A fantasy hacker
The nineteen-year-old used a sophisticated theft technique for replacing SIM cards. According to the Manhattan District Attorney's office, Selassie took control of his victims' SIMs, which came from 20 different states. He acted in this way from January to May this year.

By gaining control over their SIM cards, he could reset passwords on email accounts and take over accounts related to cryptocurrencies.

According to Norton, which deals with cybersecurity, the acquisition of SIM involves exploiting the weaknesses of systems for authentication and two-factor verification. The second step is a text message (SMS) or a call to a mobile number. To take over the SIM card and number, scammers often call the mobile service provider impersonating the victim and claiming they have lost their SIM card and ask for a duplicate.

According to reports, the hacker has taken cryptocurrencies from two of his 75 victims. He was arrested on December 5 in Corona, California and extradited to New York. On Wednesday he did not plead guilty to 87 charges.

Watch out for hackers!
Hackers are still a big threat to cryptocurrency investors. According to ZDNet May, this year was a period when the latter focused on the theft of digital assets based on the procedure of replacing SIM cards.

In addition, cryptocurrencies are still associated with criminal activities. Lael Brainard from the Federal Reserve (Fed) during a speech in honor of Benoît Coeuré, a member of the board of the European Central Bank (ECB), pointed to the considerable risk of digital currencies.

"Only a third of the most popular exchanges require identity verification and proof of address to make a deposit or withdrawal. This is worrying because many studies have found that cryptocurrencies support a significant number of illegal activities. (...) In one study it was estimated that, for example, more than a quarter of bitcoin users, and about half of Bitcoin transactions are associated with illegal activity, "said Brainard.