Connect with us


A 19-Year-Old Culprit of Various Crypto Crimes



Cases of crypto crime have elevated drastically with more and more teens getting alleged for these crimes. A few days back on August 17, a 19-year-old boy named Xzavyer Narvaez was accused of seven different computer-related crimes.

Some of these crimes dealt with in identity fraud and grand theft. Moreover, the hacker was also accused of stealing phone numbers to gain inappropriate sums of digital currencies successfully. Such frauds are on the rise and are now specifically identified as sim swapping. Although Narvaez was caught yet, he is nothing more than another brick in the wall.

The incident had taken place after a month when Joel Ortiz was taken into custody for accessing personal phone numbers without consent. Apparently, he was the first criminal to be framed for sim swapping after stealing almost $5 million in bitcoin.  The offense is also known as port-out-scam in which a telecom provider is tricked to provide full control over a victim’s phone number. Thus, a hacker is able to leverage the information to steal value by resetting passwords and accessing digital wallets and other personal files.

After contemplating on both the cases, it has been theorized that Narvaez and Ortiz can be part of an organized group of professional hackers that take advantage of events like Consensus Conference in New York to target a pool of investors in the gathering. Moreover, they also took over the social media accounts of their prey to trade bitcoin.

In the case of Narvaez, most of his acquired wealth was used of buying luxury cars. As per the records provided by DMV the police was able to find out that he used a majority of his theft amount to buy a 2018 McLaren and already had bought an Audi R8 with the cryptocurrency. Until now, three victims of the theft have been recognized by the investigators with one of them losing $150,000 in the process.

The detectives discovered that Narvaez had access to 157 bitcoin, which currently values around $1 million, after checking the records from crypto exchanges like Bitpay and Bittrex for the time period between March and July 2018.

However, experts believe that these cases are not the last prosecutions from sim swapping attacks. With digital currencies coming into the mainstream and the ease of cracking social media handles, cell phone numbers have become a lucrative option for exploits in digital identification.

But, a person can secure personal information from such a fraud by setting up a spoken word password with the telecom provider. In this way, a person’s identity will be verified by the operator when making deals over a call. Eventually, frauds will not be able to impersonate you and won’t leverage your private information.

All this is happening amidst a stance of strict control over digital currencies, but hackers are coming up with novice ways to dupe innocent investors.  It is a matter of time till we come across another instance of creative hijacking that will prove to be inspirational to many hackers.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Digital Marketing Digital Marketing
Technology3 weeks ago

The Ultimate Guide: How to Become a Digital Marketer in Less Than a Year

Getting familiar with the role of a digital marketer is well known by everybody but surviving and becoming a digital...

House House
Finance1 month ago

Top 3 Reasons Your House Isn’t Selling

So, you’ve put your home on the market, and it’s been showing, showing, showing…but no offers. That means you’ll need...

Finance1 month ago

Know About the Latest FD Interest Rates Before Investing in FD

Comparing the ongoing FD rates in India is a good habit because it makes you aware of the best FD...

General News1 month ago

All You Need To Know About Starting a Trucking Business

Are you tired of driving as a minimum wage truck driver? Running a trucking company may be a profitable venture...

Diamond Diamond
Finance8 months ago

All Cuts of Diamond size.

What is diamond cut and shape? Diamond stones are classified for their “cut” and “shape.” The CVD diamond manufacturers is...

Finance8 months ago

How to Spot a Good Business Lender

Everyone has dreams of starting their own business so that they can be their own boss. This can be rather...

Payment Payment
Finance8 months ago

The Best Online Payment Platform for Start-Ups

The rise of online payment processors has made it easier than ever for startups to process card payments. Even a...

General News9 months ago

How to clean and take care of canopies?

Commercial canopies can either be fixed or retractable. Regular maintenance and cleaning of the canopies is a must so that...

General News9 months ago

Importance and Benefits of business card organizer

The businesses which manage well run well. Hence, it is the optimum need for the businesses to gain success by...

General News9 months ago

How to Calculate Income Elasticity of Demand from the Demand Function?

The income elasticity of demand is a ratio between the quantity of a particular product or service and a change...