FTX Heist Mystery Solved: Trio Charged in $400M SIM-Swap Attack

Three Americans have been charged with stealing over $400 million in a SIM-swapping attack, with indications pointing to the now-defunct cryptocurrency exchange FTX as the victim. The indictment alleges that the perpetrators, part of a group called the "Powell SIM Swapping Crew," stole the funds on November 11, 2022. While the SIM-swappers are U.S. residents, there are indications of help from organized cybercriminals in Russia. The stolen funds were reportedly laundered through exchanges with ties to criminal groups based in Russia. The FTX bankruptcy proceedings are being handled by Kroll, which recently suffered its own breach after an employee was SIM-swapped.