Bulgaria: Three Hackers Arrested for a $3 Million Crypto Theft Scheme

The arrest was the result of a months-long investigation, and the suspects are now awaiting trial, as per the order of the local specialized court.

The hackers were involved in stealing crypto assets worth $3 million with the police on the scene seizing equipment – laptops, flash drives, crypto storage hardware, and around $3 million in altcoins. The hackers have reportedly executed a carefully developed scam, using new hacking methods and advanced skills. The officers have also taken a car, bought with the stolen money and worth around $35 000.

The Bulgarian Prosecutors Office stated that the innovative hacking methods have no analogs in the country and Europe. 

This news comes a week after the Californian authorities arrested a 21-year-old hacker from New York for an alleged scam involving SIM-swapping – hijacking a stolen SIM card to access personal information, financial and social media accounts. The scam was worth approximately $1 million in cryptocurrency. The method has become increasingly popular among hackers and not that difficult to execute, leaving many individuals as potential victims.

Also, the extended use of altcoins by regular people every day means even larger quantities of coins are tempting the scammers. The SIM-swapping has been previously presented as a primary target to be taken down by the Californian REACT Task Force in efforts to combat crypto crimes and frauds.