In a startling revelation, the U.S. Department of Justice has disclosed a SIM-swap attack that led to a massive loss for the once-giant crypto exchange, FTX. A staggering $400 million in cryptocurrency was siphoned off by cybercriminals, shedding light on the vulnerabilities within digital asset platforms.

The attack, which exploited the personal data of FTX employees, was a meticulously planned operation. Three individuals, identified as Robert Powell, Emily Hernandez, and Carter Rohn, engaged in a SIM-swapping ring that targeted the exchange over two years. Their strategy involved duping cellular service providers to reroute the victims’ phone numbers to devices they controlled, granting them the ability to intercept critical authentication messages.

FTX’s collapse made headlines in November 2022 when it was disclosed that the exchange was facing an $8 billion shortfall, leading to its bankruptcy filing. The aftermath of the SIM-swap attack only adds to the series of unfortunate events that have tarnished the reputation of FTX and its founder, Sam Bankman-Fried, who is facing a myriad of charges that could result in a century behind bars.