2024-01-18 (charged) · US

SIM swap ring charged over $400 million crypto theft tied by press to FTX, 2024

Charged. These are allegations until proven in court.

A federal grand jury in Washington, DC indicted Robert Powell, Carter Rohn and Emily Hernandez on charges of conspiracy to commit wire fraud and conspiracy to commit aggravated identity theft and access device fraud. The indictment alleges that from around March 2021 to April 2023 the group used stolen personal data and fake IDs to have victims' phone numbers moved to devices they controlled. It alleges that on 11 November 2022 Powell had co-conspirators SIM swap an employee of Victim Company-1, that Hernandez used a fake ID bearing her photo at a phone store in Texas, and that co-conspirators then moved over $400 million in virtual currency out of the company's wallets. The indictment does not name FTX; KrebsOnSecurity and other press linked the theft to FTX, which filed for bankruptcy that day.

$400M (stolen; As alleged: the indictment says co-conspirators transferred over $400 million in virtual currency from Victim Company-1's wallets. The DOJ indictment does not name FTX; the link to FTX is press-sourced.)

Timeline

1. 2021-03-01 The indictment alleges the SIM swap conspiracy began no later than around March 2021.
2. 2022-11-11 The indictment alleges a SIM swap of a Victim Company-1 employee's AT&T account, followed over two days by transfers of over $400 million in virtual currency.
3. 2024-01-18 The indictment is filed in the District of Columbia.
4. 2024-05-16 Hernandez enters a plea agreement, according to the court docket.

Lessons

• Do not rely on SMS codes to protect accounts that control company funds; use phishing-resistant MFA.
• Ask your mobile carrier for a SIM lock or port-out PIN on phones used by staff with access to treasury systems.
• Tighten controls during a crisis, when staff are distracted and normal checks slip.

Scam types: SIM swap

Sources

1. United States v. Powell, No. 1:24-cr-00038 (D.D.C.), docket (Court record, primary, accessed 2026-09-24)
2. United States v. Powell, No. 1:24-cr-00038 (D.D.C.), indictment filed 18 January 2024 (copy hosted by Frank on Fraud) (Court record, primary, accessed 2026-09-24)
3. KrebsOnSecurity: Arrests in $400M SIM-swap tied to heist at FTX? (News report, secondary, accessed 2026-09-24)