A federal magistrate has decreed that a youthful cyber trespasser must relinquish approximately $5.2 million worth of Bitcoin stolen in 2016. They also have to surrender a luxury automobile to the United States government.

The judgment asserts that Ahmad Wagaafe Hared is an inhabitant of Tucson, Arizona. He absconded with digital currency from executives within the Northern California cryptocurrency sphere in 2016. This information comes from a dossier sourced from The San Francisco Standard.

The lawsuit is presently undergoing adjudication within the federal tribunal of San Francisco. Meanwhile, the precise identities of the targeted executives remain undisclosed. Northern California has perennially held a reputation as a breeding ground for cryptocurrency entrepreneurial ventures.

The area has harbored a multitude of crypto establishments, including the renowned Coinbase exchange, which was headquartered in San Francisco before relocating to Mountain View.

Teen Hacker Ordered to Return Bitcoin Stolen in 2016: SIM Swapping Scheme Revealed in Court

In consonance with prosecutors, Hared and his co-conspirators initially acquired the personal contact data of cryptocurrency tycoons and investors.

Subsequently, they employed a stratagem recognized as SIM swapping. This involved communicating with cellular service providers. They beguiled them into believing that they were the bona fide proprietors of the targeted mobile phone digits.

Through the transference of these phone digits onto their own devices, Hared’s cohort illicitly gained ingress into email and other accounts. Subsequently, they depleted their victims’ crypto assets.

In the previous week, a federal adjudicator in San Francisco issued an interim decree of confiscation. This conferred the government with the authority to sequester 119.8 Bitcoin, valued at approximately $5.2 million, from Hared.

In addition, Hared is mandated to relinquish 93,420 Stellar Coins, appraised at $11,770. He is also required to surrender a 2017 BMW i8, which could potentially fetch around $60,000 in the second-hand automobile marketplace.

Although Hared entered into a plea arrangement in 2019, a substantial portion of the case particulars remain concealed. The agreement itself remains undisclosed to the public. However, Hared faced an array of allegations, encompassing computer-based fraud, identity theft, and extortion.

Teen Hacker’s Case Tied to SIM Swapping Scheme and High-Stakes Crypto Fraud

It is noteworthy to mention that prosecutors have purportedly indicated that Hared’s litigation bears relevance to that of Anthony Francis Faulk. Faulk was another individual embroiled in a SIM swapping stratagem. This scheme targeted cryptocurrency magnates between October 2016 and May 2018.

Faulk admitted culpability for conspiracy to perpetrate wire fraud. Legal submissions in his case unveiled that he defrauded ten victims of over $3.4 million. The ill-gotten proceeds were utilized to procure opulent assets. These included a nearly $1 million domicile, high-end vehicles such as a Ferrari and a Mercedes, a Rolex chronometer, and more.

The government sought to expropriate nearly $19 million from Faulk. This was alongside five automobiles, during his sentencing. In a parallel money laundering litigation, Faulk was meted out a four-year penitentiary sentence. He was also ordered to disburse $2.8 million in restitution.

Furthermore, a federal magistrate in San Francisco also assented to the government’s claim to Faulk’s entitlement to royalties from 20 compositions he had acquired. These compositions bore titles such as “Back on the Grind,” “Get Hyphy,” and “Burglar Bars.”

In the antecedent year, the United States Department of Justice meted out a 20-year incarceration sentence. This was to a Canadian individual for his involvement in the infamous NetWalker ransomware assaults.

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