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Infamous British Hacker ‘PlugwalkJoe’ Receives Five-Year US Prison Sentence for Cryptocurrency Theft

June 29, 2023
in Bitcoin
Reading Time: 5 mins read
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In a groundbreaking ruling, British hacker Joseph O’Connor, often known as PlugwalkJoe within the on-line world, has been handed a five-year jail sentence in america.

Infamous British Hacker Sentenced to 5 Years in US Jail for Cryptocurrency Theft

British hacker Joseph O’Connor, who’s famously acknowledged as PlugwalkJoe within the digital realm, has acquired a big five-year jail sentence in america. Following his arrest in Spain in July 2021, O’Connor was subsequently extradited to the US on April 26, 2023. His responsible plea in Could encompassed varied expenses associated to pc intrusions, wire fraud, and cash laundering conspiracies.

The announcement of O’Connor’s sentencing was disclosed by the US Lawyer’s Workplace for the Southern District of New York on June 23.

Based on the assertion, O’Connor has not been named, nevertheless it confirms that he gained unauthorized entry to the accounts and computing programs of the alternate the place the focused govt labored by using a SIM-swapping method.

The courtroom’s ruling consists of not solely the jail time period but additionally a three-year interval of supervised launch. Moreover, O’Connor has been ordered to forfeit the precise quantity he pilfered, which totals $794,012.64.

Moreover, O’Connor’s prison actions lengthen past the aforementioned SIM swap assault. He and his accomplices orchestrated the high-profile Twitter hack in July 2020, which netted them roughly $120,000 in stolen cryptocurrency.

The Twitter hack concerned the deployment of social engineering strategies and SIM-swapping assaults, enabling O’Connor and his associates to grab management of round 130 outstanding Twitter accounts.

Different Unlawful Actions

Along with their actions on Twitter, the group of cybercriminals additionally gained unauthorized entry to 2 outstanding accounts on TikTok and Snapchat. Exploiting their scheme, they deceived unsuspecting Twitter customers and profited by promoting entry to compromised accounts.

One notable incident concerned O’Connor trying to blackmail a Snapchat sufferer by threatening to launch personal messages publicly until they promoted O’Connor’s on-line persona by their posts. Moreover, O’Connor engaged in stalking and threats in the direction of one other sufferer, orchestrating swatting assaults by falsely reporting emergencies to authorities.

Hacker

SIM swap assaults stay a prevalent difficulty, regardless of the passage of a number of years since O’Connor’s crimes.

This type of assault includes hackers gaining management of victims’ telephone numbers by linking them to SIM playing cards below their management. By redirecting calls and messages, unhealthy actors can exploit accounts protected by SMS-based two-factor authentication.

The crypto group continues to grapple with the repercussions of SIM swap assaults. Not too long ago, blockchain investigator ZachXBT found a gaggle of scammers who SIM-swapped at the very least eight high-profile crypto figures, ensuing within the theft of practically $1 million.

The group leveraged the hacked accounts to advertise phishing hyperlinks, finally deceiving unsuspecting people into surrendering their digital property.

The case in opposition to O’Connor sheds gentle on the continuing want for strong safety measures throughout the cryptocurrency sector, as these assaults persist and pose a big menace to the trade’s contributors.

US Authorities Ramp Up Efforts to Fight Hovering Crypto Theft

Authorities in america are escalating their efforts to fight the hovering instances of cryptocurrency theft, which has change into a serious concern. Final yr alone, hackers stole roughly $3.7 billion in digital property, with North Korean state-sponsored cyber actors being the first culprits, in accordance with TRM Labs.

Regardless of a slight decline this yr, TRM Labs reported that round $400 million in digital foreign money was stolen within the first quarter of 2023. North Korean cyber actors have aggressively focused the crypto sector, benefiting from its lack of expertise and regulation.

CryptoTheft

Stolen crypto funds have change into a vital income for North Korea’s nuclear and ballistic missile program, as reported by the United Nations and U.S. officers.

Final yr, North Korean cyber criminals accounted for a staggering $1 billion in stolen crypto, posing a critical nationwide safety menace. The Biden administration has taken robust actions, imposing sanctions on prison teams and seizing stolen digital property.

Crypto hacks have extreme and fast impacts, wiping out financial savings and probably funding malicious actions. Regulation enforcement businesses ought to prioritize combating all types of cybercrime, together with crypto hacks.

Russia has additionally engaged in crypto hacking to evade financial sanctions and finance tasks of nationwide safety significance. Latest expenses had been unsealed in opposition to two Russian nationals concerned within the 2011 hack of cryptocurrency alternate Mt. Gox.

To fight the rise in crypto hacks, U.S. authorities have elevated efforts by imposing sanctions, indicting people, and seizing domains. The Division of Justice dismantled the darknet cryptocurrency mixer ChipMixer, whereas Twister Money was sanctioned for aiding hackers in laundering over $7 billion.

Regulation enforcement businesses are bettering their capability to trace and hint funds, at the same time as cybercriminals change into extra subtle. It’s essential for them to remain vigilant and make use of superior instruments to successfully counter cybercrime.

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Tags: BritishCryptocurrencyfiveyearHackerinfamousPlugwalkJoePrisonReceivessentenceTheft
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