You are here
Home > All Crypto > Canada Detains Teen for Alleged $36 Million Cryptocurrency Theft – Bitcoin Information

Canada Detains Teen for Alleged $36 Million Cryptocurrency Theft – Bitcoin Information

A youngster has been arrested in Canada after committing what regulation enforcement officers in Ontario have described as the biggest crypto theft by a single individual. The Canadian is accused of stealing tens of hundreds of thousands of {dollars} by way of a SIM swap concentrating on a crypto holder within the U.S.

Teen Arrested in Canada for Stealing Crypto Fortune From American

A younger Canadian from Hamilton, Ontario province, has been accused of stealing cryptocurrency price $46 million Canadian {dollars} (over $36 million). The digital cash was allegedly misappropriated in a SIM swapping assault on a sufferer residing in america.

Canada Detains Teen for Alleged $36 Million Cryptocurrency Theft

Native police imagine that is the biggest crypto theft dedicated by one man, the Toronto Star reported. In March 2020, Canadian regulation enforcement joined forces with the U.S. Secret Service Digital Crimes Job Drive and the FBI on the investigation which led to the arrest of {the teenager}, in accordance with a assertion by the Hamilton Police Service.

The press launch revealed that police officers had been in a position to establish the perpetrator when he used among the digital cash to purchase a uncommon on-line gaming username. If it wasn’t for this choice, the newspaper notes, the teen might have gotten away with the crime.

{The teenager} now faces a sentence of as much as 10 years in jail for the staggering cryptocurrency theft. Canadian authorities additionally introduced that they had already carried out a number of seizures of crypto belongings at an estimated worth exceeding seven million Canadian {dollars} (over $5.5 million).

In a SIM swap, fraudsters handle to port a sufferer’s telephone quantity to totally different SIM card by exploiting safety weaknesses on the cell phone service supplier. Scammers typically persuade or bribe staff of the service to conduct the switch, after which they might obtain any messages and calls on a tool they management, together with these which can be meant for authentication functions.

Crypto-targeting SIM swapping assaults have been on the rise globally as bitcoin costs broke all-time highs this yr. In February, Europol detained 10 members of a SIM swapping felony gang that allegedly stole cash price $100 million, as Information reported. The arrests adopted a global investigation right into a collection of instances involving this explicit approach in 2020.

Tags on this story
Arrest, Assault, Bitcoin, Canada, Canadian, Crypto, Cryptocurrencies, Cryptocurrency, FBI, Fraud, Hamilton, Ontario, Police, jail, sentence, sim swap, sim swapping, Stealing, teen, teenager, Theft, U.S., United States, username, sufferer, teen

Do you anticipate SIM swapping assaults on cryptocurrency holders to additional improve sooner or later? Share your ideas on the topic within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any harm or loss triggered or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.

Supply hyperlink

Leave a Reply