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U.S. Authorities Indict A 25-Year-Old Man Accused Of Stealing $450,000 Worth Of Cryptocurrency
The U.S. Department of Justice (DOJ) has announced the indictment of Soufiane Oulahyane, a Moroccan national, for allegedly stealing $450,000 worth of cryptocurrencies and non-fungible tokens (NFTs) from unsuspecting users of the popular NFT marketplace OpenSea.
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The charges against Oulahyane stem from an incident in September 2021 when the victim unknowingly accessed Oulahyane's spoofed version of the OpenSea login page, believing it to be the legitimate website.
According to the DOJ, Oulahyane created a fake OpenSea website that looked identical to the real one and paid for sponsored links on a search engine to direct potential victims to his fraudulent platform. Once there, he tricked them into entering their seed phrases, which are secret codes that grant access to their digital wallets. He then used those seed phrases to transfer their cryptocurrencies and NFTs to his accounts and sell them on the actual OpenSea marketplace.
Oulahyane allegedly stole about 39 NFTs from various collections, including one from the Bored Ape Yacht Club series, which is currently worth about $92,000. Other NFTs stolen and sold by Oulahyane included a Meebit purchased for 9.88 ETH, a Bored Ape Kennel Club NFT bought for 6 ETH and an NFT from the CryptoDad series acquired for 1.789 ETH. He also stole cryptocurrencies such as Ether, Solana and Wrapped Bitcoin.
Oulahyane who is currently in custody in Morocco is charged with wire fraud, two counts of access device fraud, and aggravated identity theft. If convicted, he faces a lengthy sentence in prison and will have to forfeit all property obtained in the alleged fraud.
The legal proceedings against Oulahyane highlight the increasing need for vigilance in the crypto space and the efforts of law enforcement agencies to hold cybercriminals accountable for their actions. As the DOJ warned, “..the charges unsealed…should serve as a reminder that digital assets, such as cryptocurrency and NFTs, are not immune from cyber fraudsters.” “My Office is committed to prosecuting these fraudsters both here and abroad.” He assured.
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