Five Phishing Suspects Arrested For Stealing Crypto Worth IDR 99 Billion

Authorities managed to arrest the perpetrators of phishing fraud which caused losses in crypto assets. (Photo; Doc. CoinGape)

JAKARTA - The United States federal prosecutor has charged five people for alleged data theft and cryptocurrencies in a state-of-the-art phishing scheme that lasted for two years. The five suspects, aged between 20 and 25, face up to 20 years in prison on charges of identity theft and online fraud.

This scheme, according to prosecutors, runs from September 2021 to April 2023 and targets employees of various companies. The perpetrators stole millions of dollars worth of intellectual data, personal information, and cryptocurrencies, including USD 6.3 million (IDR 99.54 billion) from one victim.

Phishing Fraud Mode

The suspects used fake text messages to deceive the victim. The message is designed to resemble an official warning from the company or service provider, which warns their account will be deactivated. The victim is directed to a fake website that resembles the company's official portal. When the victim enters login information, the perpetrator gains access to the company's system and their cryptocurrency wallet.

The suspects arrested included Ahmed Hossam Eldin Elbadawy (23), Noah Michael Urban (20), Evans Onyeaka Osiebo (20), Joel Martin Evans (25), and Tyler Robert Buchanan (22) from England. They were charged with online fraud, conspiracy, and identity theft. If found guilty, they could be jailed for up to 20 years.

Prosecutor Martin Estrada called this action a form of cyber crime that was highly organized. "They took advantage of the victim's trust to steal sensitive data and cryptocurrencies worth tens of millions of dollars," said Estrada.

This case shows an increase in phishing crimes in the crypto sector. Scam risker reported that many phishing attacks in 2023 stemmed from social media such as X, with fake site-based scams.