Canada: Teen Arrested for Alleged $ 36 Million Cryptocurrency Theft

A teenager was arrested in Canada after committing what Ontario law enforcement officials have described as the largest single-person crypto theft. The Canadian is accused of stealing tens of millions of dollars through a SIM exchange targeting a cryptocurrency holder in the US.

Teenager arrested in Canada for stealing cryptocurrency from an American

A young Canadian from Hamilton, Ontario province, has been charged with stealing cryptocurrencies worth 46 million Canadian dollars (more than 36 million dollars). The digital money was allegedly embezzled in a SIM swapping attack against a victim residing in the United States.

Local police believe this is the largest crypto theft ever committed by a man, the Toronto Star reported. In March 2020, Canadian police joined forces with the U.S. Secret Service Electronic Crimes Task Force. the FBI in the investigation that led to the teen’s arrest, according to a statement from the Hamilton Police Service.

The press release revealed that police officers were able to identify the perpetrator when he used some of the digital currencies to purchase a rare online gaming username. Had it not been for this decision, the newspaper notes, the young man could have gotten away with it.

The teenager now faces a sentence of up to 10 years in prison for the staggering cryptocurrency theft. Canadian authorities also announced that they had already made multiple seizures of crypto assets worth an estimated value of greater than 7 million Canadian dollars (more than $ 5.5 million).

In a SIM swap, scammers manage to transfer a victim’s phone number to a different SIM card by taking advantage of the security weaknesses of the mobile phone service provider. Scammers often convince or bribe the operator’s employees to make the transfer, after which they would receive any messages and calls on a device they control, including those that are intended for authentication purposes.

Crypto-targeting SIM swapping attacks have increased globally as bitcoin prices broke all-time highs this year. In February, Europol detained 10 members of a SIM-swapping criminal gang that allegedly stole $ 100 million worth of coins, as Bitcoin.com News reported. The arrests followed an international investigation into a series of cases involving this particular technique in 2020.

Reference: news.bitcoin.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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