After stealing $5 million in cryptocurrency from 40 victims through SIM swapping, 20-year-old Joel Ortiz, pleaded guilty to theft and accepted a plea deal of 10 years in prison as reported by Motherboard, a division of news outlet VICE, on Feb 1. Ortiz accepted the plea deal last week, according to Erin West, the Deputy District Attorney of Santa Clara County, California. He will officially be sentenced on Mar 14. Authorities reportedly state that Ortiz is the first individual convicted of a crime for SIM swapping. "We think justice has been served. And hopefully, this is a strong message to …

Authorities in the U.S. state of California have arrested a 21-year old New Yorker for the alleged theft of $1 million in crypto using “SIM-swapping,” U.S. broadsheet the New York Post reported Nov. 20. SIM-swapping — also known as a “port-out scam” — involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms use automated messages or phone calls to handle customer authentication. The arrested suspect, Nicholas Truglia, is accused of having targeted wealthy Silicon Valley executives in the Bay Area, and of successfully persuading …

On November 7, a security news and investigation blog KrebsOnSecurity published an interview with REACT Task Force, a California-based law enforcement group dedicated to fighting cybercrime. As per the article, members of REACT consider “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud. Here is how fraudsters use 99 cent SIM cards bought off eBay to steal millions worth of crypto with just one call. “SIM swapping”: what is it? SIM swapping is the process of making a telecom provider like, say, T-Mobile, transfer the victim’s phone number to a SIM card held by the …

Two pro-cryptocurrency candidates have won seats to become governors of the U.S. states of California and Colorado in the country’s midterm gubernatorial elections, fintech news outlet TrustNodes reports Nov. 7. In the California race, Democrat contender Gavin Newsom sealed 59 percent of the electorate’s support to defeat the Republican Party’s John Cox. According to local newspaper The Sacramento Bee, Newsom brought crypto onto the party political scene as early as 2014, when he became one of the first high-profile politicians to accept campaign donations in Bitcoin (BTC). The newly-elected California governor notably counts crypto entrepreneurs the Winklevoss twins as donors, …

On Sept. 20, the crypto community was rattled by the news that California’s political campaign regulator ruled in favor of an outright ban of any and all cryptocurrency donations. It came across as a surprise for many that the progressive state, which is home to the world’s largest technology hub as well as to a politician whom Bloomberg calls the ‘Crypto Candidate for Congress,’ has suddenly set such a hard-handed regulatory precedent in the run-up to November’s elections. If anything, the signals that emanated from the state’s Fair Political Practices Commission (FPPC) up to this point were largely positive: Just …

California’s campaign regulator has recently banned Bitcoin (BTC) from political donations, the Associated Press reports Friday, September 21. In August, the Fair Political Practices Commission (FPPC) had considered allowing donations in cryptocurrencies. The watchdog planned to discuss the use of Bitcoin and other cryptocurrencies for political contributions and discuss their adoption. The FPPC then held a vote on donations of cryptocurrencies like Bitcoin on Thursday, September 20. According to the AP, the members voted 3-1 for the ban, noting that the origin of cryptocurrencies is hard to track and raises questions about transparency. The U.S. Federal Elections Commission generally allows …

California’s AB 2658, a bill that calls for the establishment of a working group on blockchain technology, has passed both houses of the state legislature and will now head to the governor for approval, according to public documents. The bill would would define blockchain as “a mathematically secured, chronological, and decentralized ledger or database,” and requires the Secretary of the Government Operations Agency to form a blockchain working group on or before July 1, 2019. Per the bill, the group should consist of participants from both technology and non-technology industries, as well as appointees with a background in law, and …

Police in California have arrested an alleged hacker who stole Bitcoin (BTC) totalling more than $1 million by hijacking cellphones, investigative cybercrime blog Krebs on Security reported Wednesday, August 22. Citing a police report, the publication reveals Xzavyer Narvaez, 19, used “SIM swapping,” a technique also known as a “port out scam,” to reportedly steal cryptocurrency from victims’ devices. Over a period of several years, Narvaez and another suspect already under arrest used the funds to buy items such as luxury sports cars. From March to June 2018 alone, Narvaez’s account on cryptocurrency exchange Bittrex processed 157 BTC (around $1,009,000). …

California-based asset manager Reality Shares has become the latest competitor in the Bitcoin hedge fund space, an anonymous source told Business Insider August 15. Reality Shares, which became known in the cryptocurrency space this year after launching the first Chinese blockchain ETF in June, has reportedly already attracted $25 million for the fund. Capped at $100 million, the multi-strategy fund would “be a mix of arbitrage, venture, and directional strategies,” the unnamed person “familiar with the firm’s plan” told the publication. The 2018 bear market in cryptocurrencies has made life difficult for hedge fund operators, which number over 360 as …

Blockchain cloud computing platform Oasis Labs announced July 9 that it has raised $45 mln from major investors as part of its plan to help companies adopt blockchain. In a press release, Oasis, which has University of California professor Dawn Song as its CEO and co-founder, described its plans to build a “decentralized internet” by resolving businesses’ “concerns” about implementing the technology. “Blockchains are poised to revolutionize much of the way we live, but many developers and organizations have understandable concerns about performance and privacy limitations that are currently hindering their ability to embrace the technology,” Song said. Oasis’ investors, …

CoinSource, a Bitcoin ATM network in US, has just announced the instalment of two Bitcoin ATMs in two of America’s most highly populated states: California and Texas. The Bitcoin ATMs installed today are one-way GenesisCoin BTMs where customers can instantly purchase bitcoin in a convenient way. Both BTMs found their new homes today, December 16, 2015. The new Bitcoin ATM installed in Palo Alto, California is strategically located in the city’s technology district just two miles from Stanford University and four miles from Google’s headquarters, at the Barron Park Market at 3878 El Camino Real, otherwise known at State Route …

The latest version of California's “BitLicense” adds new reporting requirements to licensed businesses, Coinbase expands its services to Singapore, and more top stories for September 3. Proposed California Bitcoin Bill Adds New Reporting Requirements The latest version of the AB-1326 bill, dubbed ‘California's BitLicense,’ includes a passage that would add new reporting requirements to licensed businesses beyond existing annual and quarterly financial audits. The bill reads: “Each licensee shall file an annual report with the commissioner, on or before the 15th day of March, providing the relevant information that the commissioner reasonably requires concerning the business and operations conducted by …