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### Chicago Man Arrested in $400 Million SIM Swap Scam

A Chicago man has been arrested on federal charges filed in Washington, D.C., alleging he participated in a sophisticated ÔÇ£SIM swapÔÇØ scheme that allegedly siphoned $400 million in virtual currency from a single company and millions more from other individual victims.

Robert Powell was arrested quietly last week and made an initial appearance at the Dirksen U.S. Courthouse in Chicago, where prosecutors moved to have him held without bond pending transfer to U.S. District Court in Washington, court records show.

A detention hearing for Powell is currently set for Friday in Chicago before U.S. Magistrate Judge Heather McShain. PowellÔÇÖs Chicago-based attorney, Gal Pissetzky, declined to comment on the case Monday.

Powell was among three defendants charged in an indictment filed under seal in Washington with conspiracy to commit wire fraud and aggravated identity theft. Also charged was Carter Rohn, 24, of Indianapolis, and Emily Hernandez, 23, of Colorado Springs, Colorado, records show. They were both arrested last week and have made initial appearances in federal court in their home districts.

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SIM swapping is a technique in which attackers gain control of a telephone number by having it reassigned to a new device. Such attacks represent a growing security threat for government agencies and corporations because they can target not only finances but also manipulate social media accounts to spread misinformation, authorities have said. A similar scheme was used recently in the high-profile attack on the U.S. Securities and Exchange CommissionÔÇÖs account on the social media platform X, formerly known as Twitter. According to the 18-page indictment, which was made public in Chicago as part of the removal proceedings, Powell, who used the online moniker ÔÇ£ElSwapo1,ÔÇØ teamed up with others to fraudulently obtain victimsÔÇÖ personal information.

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In some instances, the schemers created phony identification cards and traveled to wireless service provider retail outlets in states across the country, where the fake documents were used to convince the stores to ÔÇ£portÔÇØ data over from the victimsÔÇÖ phones, according to the charges. Once the information was transferred, the defendants could circumvent two-factor authentication security, giving them access to a victimsÔÇÖ virtual currency accounts, social media passwords, email and other sensitive data, the indictment alleged. The indictment listed seven specific instances in which the schemers were allegedly able to hack into a victimÔÇÖs accounts and get virtual currency, commonly known as cryptocurrency.

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PowellÔÇÖs arrest last week came days after the SEC provided further details into a separate SIM swap attack of itÔÇÖs account on X earlier this month. Reuters has reported the top financial regulatory agency said that, six months prior to the incident, staff had removed an added layer of protection, known as multifactor authentication, and did not restore it until after the Jan. 9 attack. As anticipation mounted for the agencyÔÇÖs approval of exchange-traded products tracking bitcoin, an unidentified person or persons gained access to the account, posting the false announcement that approval had already been granted, causing a momentary jump in the cryptocurrencyÔÇÖs price, according to Reuters. In a split vote, the commission granted approval the following day.

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The AI legalese decoder can play a crucial role in analyzing the communications and transactions related to the SEC’s account breach. By examining the timeline of events, language used in communications, and financial transactions, the AI tool can help authorities identify potential vulnerabilities in the security protocols and communication practices within the regulatory agency. This can lead to improved security measures and preventative strategies to mitigate future SIM swap attacks and other fraudulent activities.

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