The ruling claims that Ahmad Wagaafe Hared, a resident of Tucson, Arizona, stole cryptocurrency from Northern California crypto executives back in 2016, according to a report from The San Francisco Standard.

The case is currently being heard in San Francisco's federal court.

While the specific identities of the targeted executives remain undisclosed, Northern California has long been recognized as a hotbed for cryptocurrency startups. 

The region has been home to numerous crypto organizations, including the renowned Coinbase exchange, which was headquartered in San Francisco before relocating to Mountain View.

Hared Used SIM Swapping to Steal Cryptocurrency

According to prosecutors, Hared and his accomplices initially obtained the personal contact information of cryptocurrency executives and investors. 

It is worth noting that prosecutors have reportedly indicated that Hared's case is related to that of Anthony Francis Faulk, another individual involved in a SIM-swapping scheme targeting cryptocurrency executives between October 2016 and May 2018.

Faulk pleaded guilty to conspiracy to commit wire fraud, and court filings in his case revealed that he defrauded ten victims of over $3.4 million. 

The ill-gotten gains were used to purchase luxury assets, including a nearly $1 million home, high-end cars such as a Ferrari and a Mercedes, a Rolex watch, and more. 

The government sought to seize nearly $19 million from Faulk, as well as five cars, during his sentencing.

In a related money laundering case, Faulk received a four-year prison sentence and was ordered to pay $2.8 million in restitution. 

A San Francisco federal judge also granted the government ownership of Faulk's royalty rights to 20 songs he had acquired, with titles like "Back on the Grind," "Get Hyphy," and "Burglar Bars."

Last year, the US Department of Justice sentenced a Canadian man to 20 years in prison for his part in the notorious NetWalker ransomware attacks.

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