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Many computer and internet crimes involve crypto currency

| Dec 23, 2019 | Computer And Internet Crimes |

Anyone with a start-up cryptocurrency business in Michigan might want to take extra precautions to protect their assets. Documents that were recently filed in a federal court in another state indicates that crypto assets can easily be lost. This case involves a 23-year-old man who was recently arrested on charges of computer and internet crimes for alleged crypto theft.

The man allegedly used SIM-swapping techniques to funnel cryptocurrency from executives of startups to accounts for himself. It is also claimed that the man used the funds to purchase several sports cars for himself and an SUV for a relative. Some of the proceeds were allegedly also spent on his lavish lifestyle that included diamond jewelry, a custom Rolex and even royalties to rap music.

The U.S. Department of Justice stated that the accused man used no more than his cellphone and a personal computer for deception and fraud that involved social engineering techniques. These were used to make service providers of cellphones port the cellphone numbers of the targeted individuals to the accused. He would then use those numbers to obtain access to emails and online storage of crypto accounts to get the currency transferred to his accounts.

This man is facing wire fraud and extortion charges that could lead to at least 20 years in prison if he is convicted. Anyone in Michigan who faces computer and internet crimes charges will undoubtedly secure the services of an attorney with exceptional experience in criminal defense and cryptocurrency cases. An attorney can assess the evidence and the charges and devise a strong defense strategy that may or may not involve negotiations for a favorable plea bargain.