A fraudster from Pennsylvania Anthony Folk received three years in prison for cryptocurrency fraud.
A US court has sentenced Anthony Folk, a 26-year-old hacker from Pennsylvania, who, along with his accomplices, deceived cryptocurrency owners and extorted money from them. Faulk received three years in prison and must pay almost three million dollars in compensation to his victims. In addition, he will be seized assets, including real estate, bank accounts and luxury goods, totaling about $20 million.
The fraud scheme was based on the “SIM swapping” method - transferring victims 'phone numbers to SIM cards in the attackers' devices. To do this, they deceived employees of mobile operators using various social engineering techniques. After the scammers gained control of the numbers, they hacked into the victims ' emails and other accounts, from where they transferred cryptocurrency to their wallets. Sometimes they also called victims and threatened to compromise even more accounts if they didn't pay them extra money. It is reported that their criminal activity lasted from October 2016 to May 2018.
Faulk will have to pay $2,816,433 in compensation to 11 victims. The Court also ordered the confiscation of numerous assets seized by the Government that are or derive from proceeds of crime. These assets include a home worth almost $ 1 million in Pennsylvania, three J. P. Morgan Chase accounts worth about $ 12.5 million, $ 6.2 million, and $ 18,000, respectively, Mercedes-Benz GTS, Nissan Rouge, and Chevrolet Silverado K1500 cars, diamond jewelry, a Rolex watch, Tiffany earrings, and a Louis purse. Vuitton.
Two of Faulk's associates were also arrested and charged with conspiracy to commit fraud and extortion. Their trials are scheduled for late August and early October 2023.
A US court has sentenced Anthony Folk, a 26-year-old hacker from Pennsylvania, who, along with his accomplices, deceived cryptocurrency owners and extorted money from them. Faulk received three years in prison and must pay almost three million dollars in compensation to his victims. In addition, he will be seized assets, including real estate, bank accounts and luxury goods, totaling about $20 million.
The fraud scheme was based on the “SIM swapping” method - transferring victims 'phone numbers to SIM cards in the attackers' devices. To do this, they deceived employees of mobile operators using various social engineering techniques. After the scammers gained control of the numbers, they hacked into the victims ' emails and other accounts, from where they transferred cryptocurrency to their wallets. Sometimes they also called victims and threatened to compromise even more accounts if they didn't pay them extra money. It is reported that their criminal activity lasted from October 2016 to May 2018.
Faulk will have to pay $2,816,433 in compensation to 11 victims. The Court also ordered the confiscation of numerous assets seized by the Government that are or derive from proceeds of crime. These assets include a home worth almost $ 1 million in Pennsylvania, three J. P. Morgan Chase accounts worth about $ 12.5 million, $ 6.2 million, and $ 18,000, respectively, Mercedes-Benz GTS, Nissan Rouge, and Chevrolet Silverado K1500 cars, diamond jewelry, a Rolex watch, Tiffany earrings, and a Louis purse. Vuitton.
Two of Faulk's associates were also arrested and charged with conspiracy to commit fraud and extortion. Their trials are scheduled for late August and early October 2023.
