The U.S. Department of Justice has leveled charges against three American individuals for committing fraud through SIM card swaps. Bloomberg reports that among the companies affected was the cryptocurrency exchange FTX, which suffered a loss of over $400 million in client assets in the aftermath of its bankruptcy announcement.
The stolen user funds were quickly funneled through various decentralized exchanges. This led to suspicions surrounding FTX founder Sam Bankman-Fried for allegedly exploiting vulnerabilities in the platform and its wallet management system. However, SBF has consistently denied such accusations.
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