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Canadian Teen Arrested Over $36 Million Crypto Theft

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Wed, 17/11/2021 - 18:47
Canadian Teen Arrested Over $36 Million Crypto Theft
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A teenager from Canada has been arrested after allegedly stealing an eye-popping CA$46 million ($36 million) worth of cryptocurrency from a single investor from the U.S., according to an announcement made by Hamilton Police on Nov. 17. 

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This is the single largest cryptocurrency scam in Canadian history.

It should be noted that CA$7 million ($5.5 million) worth of the stolen funds has been confiscated by the police.

The cryptocurrency fortune was stolen with the help of a SIM swap attack.

The attacker was able to obtain another SIM card and get access to the victim’s funds by being able to get past two-factor authentication.

Such scams are orchestrated either with the help of a corrupt insider within a telecommunications company or by means of social engineering.

The arrest took place because of cooperation with the Federal Bureau of Investigations (FBI). The investigation kicked off in March 2020.

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The investigators have found that some of the stolen funds were used for buying rare usernames in online games.

In February, Europol announced that members of a criminal gang were arrested after stealing $100 million worth of cryptocurrencies from some prominent individuals.

As reported by U.Today, a man from California lost $1.8 million worth of crypto to a SIM swap scam. 

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