Canada arrests teenager for allegedly stealing $36 million worth of cryptocurrencies

A teenager has been arrested in Canada after committing what Ontario law enforcement is calling the largest crypto theft by a single person. The Canadian is accused of stealing tens of millions of dollars through a SIM swap targeting a crypto holder in the US

Teenager arrested in Canada for stealing crypto assets from Americans

A young Canadian from Hamilton, Ontario province has been accused of stealing C$46 million (over $36 million) worth of cryptocurrencies. The digital money was allegedly embezzled in a SIM swapping attack on a victim living in the US.

Local police believe this is the largest crypto theft committed by a man, the Toronto Star reported. In March 2020, Canadian law enforcement agencies teamed up with the U.S. Secret Service's Electronic Crimes Task Force and the FBI to conduct the investigation, according to a. led to the teenager's arrest opinion by the Hamilton Police Service.

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

The teenager now faces up to 10 years in prison for the shocking cryptocurrency theft. Canadian authorities also announced that they have already carried out several seizures of crypto assets with an estimated value of more than seven million Canadian dollars (over $5.5 million).

During a SIM swap, fraudsters manage to port one victim's phone number to another SIM card by exploiting security gaps in the mobile phone provider. Scammers often convince or bribe wireless carrier employees to perform the transfer, after which they receive all messages and calls on a device under their control, including those intended for authentication purposes.

Crypto-targeting SIM swapping attacks have been on the rise worldwide as Bitcoin prices broke all-time highs this year. In February, Europol arrested 10 members of a SIM card swapping criminal gang that allegedly stole $100 million worth of coins, according to Bitcoin.com News. reported reported. The arrests followed an international investigation into a number of cases involving this particular technique in 2020.

Do you expect SIM swapping attacks on cryptocurrency holders to continue to increase in the future? Share your thoughts on this topic in the comments below.

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