On Wednesday, an Illinois man admitted in federal court to running a phishing scheme in which he impersonated Snap Inc.'s(NYSE:SNAP) social media platform Snapchat's support.
Illinois Man Pleads Guilty In Snapchat Phishing Scheme
Kyle Svara, 26, was impersonating as Snapchat support to access women's accounts and steal private images that were later stored, sold or traded online, reported Reuters.
He pleaded guilty in federal court in Boston to charges including computer fraud and aggravated identity theft for targeting hundreds of women on Snapchat/
Under a plea agreement, federal prosecutors will recommend a sentence of three years in prison when Svara is sentenced on May 18.
"He has taken full responsibility for his actions to his family and close friends, and today's plea was a significant relief as it allowed him to finally accept responsibility publicly," Svara's attorney, Todd Pugh, said in a statement.
How The Snapchat Scam Worked
Prosecutors said that between May 2020 and February 2021, Svara used social engineering tactics to trick women into handing over Snapchat login credentials.
By sending messages that falsely claimed to be from Snapchat support, Svara asked users for their one-time security codes, allowing him to bypass the platform's authentication safeguards.
Authorities said he obtained security codes from 571 women and successfully accessed at least 59 accounts, downloading nude or semi-nude images without consent.
Court documents state that Svara promoted his hacking services on Reddit and other online forums, offering to break into Snapchat accounts and provide content "for you or trade."
Ties To Former Northeastern University Coach
Prosecutors said Svara was also hired in 2020 by former Northeastern University track-and-field coach Steve Waithe, who paid him about $50 per account to hack the Snapchat profiles of women he had coached or knew personally.
Waithe was sentenced in 2024 to five years in prison after prosecutors said he victimized 56 women nationwide by coercing or stealing intimate images, the report stated.
The company reported earnings of 3 cents per share, beating expectations for a loss, while revenue rose more than 10% year over year to $1.72 billion.
Snap said daily active users slipped slightly to 474 million in the quarter, down from 477 million in the previous period.
Price Action: Snap shares closed down 3.11% at $5.91 on Wednesday. In the after-hours trading, the stock ticked up 2.88% to $6.08, according to Benzinga Pro.
SNAP continues to show a weak price trend across the short, medium and long term, with a low Momentum score, according toBenzinga Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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