A London man who used SIM-swapping to help steal nearly £200,000 in cryptocurrency was sentenced to 30 months in prison on October 8, according to City of London Police. Ajay Shinjin, 25, pleaded guilty to conspiracy to commit fraud by false representation and transferring criminal property, with the case showing how SIM-swap attacks can compromise crypto accounts.
Investigators said criminals transferred victims’ phone numbers to SIMs they controlled, allowing them to intercept one-time passcodes and access bank accounts or crypto wallets. Shinjin was linked to four SIM-swap devices and received more than £44,000 of the stolen funds, while victims lost roughly £40,000, £17,000, £8,000 and £130,000 across separate incidents. The proceeds funded luxury travel, a high-end apartment and gold-plated teeth grills.
Shinjin was first arrested in 2021 and re-arrested at Heathrow Airport in October 2023 after returning from Dubai. The 30-month sentence closes the prosecution against Shinjin while highlighting the risks of SMS-based account security, since SIM swapping can allow criminals to intercept authentication codes and gain access to financial accounts.
Source: City of London Police.
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