Crypto hackers who hacked an investor’s digital currency wallet by using the Sim Swapping method were arrested in Turkey.

A group of 11 suspects were arrested in connection with a digital wallet hack.  The report of the hack was provided by Trustnodes.

Trustnodes has to say that the hackers hacked the cryptocurrency wallet by obtaining their phone numbers as documented in a phone company.

A total of 14 victims made their complaints to the local authorities with respect to the hacking of their currency wallets.  The hackers made use of fake IDs and they spoke to the telephone company and required an alternate sim card by canceling the original sim card of the true owners.

The hackers further gained access to the cryptocurrency wallets by making use of the two-factor authentication method. Thus they stole over $80,000 worth virtual currency.  The assets were spread across different accounts in order to hide the track record of the transactions.

When the apartment of the fraudsters were raided, about 18 cell phones were discovered along with several fake identity cards and fake driver’s license among the rest.

Sim swapping combined with impersonation is a very common trend in digital currency theft.  Telephone companies are called up by the impersonators in order to procure alternate versions of the original owner’s sim card. This ultimately provides them with access to cryptocurrency wallets and the respective phone numbers.

Back in June, an impersonator from Redditor swapped the Sim card of the Victim eventually hacking all the social accounts.  The hackers thus got access to the different online accounts that were related to the phone number.  Thus they were able to swap $50,000 digital currency.

A Californian college student, along with a group of criminals hacked nearly 40 victims by making use of sim swapping.  The suspects have stolen nearly $5 million worth in digital currency.  The Californian case was the first of its kind that used sim swapping in stealing cryptocurrencies.

In yet another bigger case that involved the theft of $24 million worth virtual cryptocurrency hacking, the investor went ahead suing the company for negligence. The victim stated that the company cooperated with the hackers and therefore failed to keep up with its privacy policy.

Investors are advised to set up extra security by talking to the mobile provider.  This will prevent the hacker from porting the phone number successfully.  It is important to name phone number porting difficult by setting up additional verification methods. Investors are advised not to share their phone numbers and other details with companies or people they might not personally know well.