Palm Coast Crypto Fraudster Gets Decade Behind Bars in $13M Scheme

Crypto's dark side claims another scalp as Florida courts deliver justice.

Another day, another 'genius' financier learning that blockchain transactions are—shockingly—traceable. This time it's a Palm Coast operator who thought he'd found a loophole in the whole 'don't steal' concept.

The $13M Heist

Thirteen million dollars vanished—poof—into digital wallets and dubious investments. Victims were promised moon-shot returns but got rug-pulled instead. Classic story, really—greed meets gullibility with a side of fraudulent brilliance.

Justice Served Cold

Ten years in federal prison—that’s the sentence. A stark reminder that the SEC and DOJ aren’t just watching cat videos. They’re tracking transactions, following flows, and making cases.

Welcome to crypto—where the returns are fictional but the prison sentences are painfully real.

TLDR

• Noah Urban sentenced to 10 years for stealing over $13M in cryptocurrency through SIM swaps.

• Urban stole from 59 victims across the U.S., using phishing and SIM swap tactics.

• He faces $13M in restitution and will forfeit $4.8M in cryptocurrency and assets.

• Urban was part of the “Scattered Spider” cybercrime gang, targeting companies for data and cryptocurrency theft.

Noah Michael Urban, a 20-year-old from Palm Coast, Florida, was sentenced to 10 years in federal prison for his involvement in a massive crypto fraud operation. Urban, known by multiple aliases such as “King Bob” and “Sosa,” was convicted of conspiracy to commit wire fraud, wire fraud, and aggravated identity theft. In addition to his prison sentence, he was ordered to pay $13 million in restitution to his victims and forfeit approximately $4.8 million in assets, including cryptocurrency and physical property.

Urban’s crimes occurred between August 2022 and March 2023, when he participated in stealing cryptocurrency from at least 59 victims across the United States. He used a combination of SIM swapping and phishing tactics to gain access to his victims’ personal information and cryptocurrency accounts.

Stealing Cryptocurrency Through SIM Swapping

According to court documents, Urban was part of a larger network that targeted victims through a process known as SIM swapping. This method involves hijacking a victim’s mobile phone number by transferring it to a phone controlled by the hacker.

Once Urban had access to the victim’s phone number, he could reset passwords for their online cryptocurrency accounts and steal their digital assets.

In addition to SIM swapping, Urban and his group also used phishing attacks to target employees of companies. These attacks involved sending fake text messages to employees, tricking them into providing login credentials. With this information, Urban gained access to company data and personal cryptocurrency accounts, leading to millions of dollars in stolen funds.

A Part of the Scattered Spider Crime Ring

Urban was linked to the cybercriminal group “Scattered Spider,” which specializes in phishing and SIM swap attacks. This group has been involved in extensive data theft, targeting large companies and their IT staff.

Authorities described the group as highly organized, often posing as IT or helpdesk staff to gain employees’ trust and steal sensitive information.

The group’s activities were not limited to cryptocurrency theft; they also engaged in extortion, using ransomware and selling stolen data on the dark web. Urban was a key figure in the operation, actively involved in both stealing cryptocurrency and gaining unauthorized access to company networks.

Crypto Fraud Evidence and Restitution

During the investigation, federal authorities found substantial evidence linking Urban to the stolen funds. A search of his residence revealed cryptocurrency worth $4.8 million from the victims’ accounts. The FBI also seized Urban’s computer, which contained details about his involvement with the stolen email accounts and wallets.

In total, the stolen cryptocurrency amounted to over $13 million, and victims will be compensated through the restitution ordered by the court.

As part of his plea agreement, Urban agreed to forfeit various assets, including cryptocurrency holdings in Bitcoin, Ethereum, Monero, and Ripple. These assets, totaling millions of dollars, will be used to compensate the victims of his crimes. Despite the large sums involved, Urban admitted to losing much of the stolen funds on online gambling platforms.