Crypto Crime Spree Leads To 47-Year Sentence For Florida Man In $3.5M Theft
Remy Ra St Felix, a 25-year-old man from West Palm Beach, Florida, has received a 47-year prison sentence for masterminding a gang that robbed several houses with an aim of acquiring cryptocurrency. The U.S Department of Justice said that St. Felix and his accomplices were able to steal more than $3. 5 million in digital assets through SIM swapping and physically stealing from peoples houses.
According to a recent report, in this criminal activity, 12 people were involved and received their sentences. The groups activities started from the end of the year 2020 with Jarod Gabriel Seemungal, 23 and other foreigners. At first, they were targeting phone numbers and to do that they employed a method called SIM swapping. This tactic targets vulnerabilities in two-factor authentication that is widely employed in crypto exchanges to gain entry into the victims accounts and withdraw their funds.
Crypto Raid Rampage
In 2022 the scheme became more daring when Seemungal and his partners plotted to rob peoples houses through home invasion. St Felix was hired as the head of this newly established group of robbers who would be carrying out this robbery. In September 2022, St Felix and others began a spree of burglary where they pointed guns at the victims, beat them up and demanded them to share their digital wallets and crypto exchange accounts.
The stolen cryptocurrencies were then traded with other digital assets and converted to other privacy coins as well as decentralized finance platforms that have weak KYC procedures. This shows how some of the crypto platforms are capable of fuelling criminal activities through the provision of an extra layer of anonymity.
The group communicated through encrypted applications and chose their targets wisely, as well as planned each stage of the attack. They learned about the technicalities of the cryptocurrencies, the possible ways of getting in and the activities of the targets in a day to know the best time to strike.
Crypto Crime Sentences Raise Alarms
After the arrests, the sentenced given to those involved in the crimes ranged between five and 47 years. Seemungal was given a 20 year jail term for masterminding the operation. However, one of the members of the group is still under trial waiting for the judge to give his/her final verdict, which is expected in October.
This case is a clear indication of the dangers that are involved with the crypto market. It highlights the need for enhanced security measures for the digital assets since criminals are still taking advantage of digital weaknesses and physical force to steal. Such incidents call for effective measures and awareness in the current environment of cryptocurrency investments.
Read more: https://www.tronweekly.com/crypto-crime-spree-leads-to-47-year-sentence/
Text source: TronWeekly
