On June 11, it came to light that California resident Richard Yuan Li had been charged with conspiracy to commit wire fraud for his role in a number of SIM swap attacks that targeted at least 20 individuals. Not only that, but as part of his elaborate money swindling scheme he also attempted to extort 100 Bitcoin (BTC) from an unknown physician in exchange for keeping their private, sensitive information from being released online.
According to numerous reports, Li’s nefarious deeds can be traced all the way back to 2018 — and lasting until around mid-2019 — when he along with a group of co-conspirators tried to defraud many unsuspecting individuals of their hard-earned savings using SIM swap attacks. In this regard, a SIM swapping involves the rerouting of a person’s SIM card to a phone that is in possession of a hacker, thus allowing them to gain access to an individual’s personal information such as emails, bank account details, cryptocurrency wallet, etc.
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