Fun

Canada Detains Teen for Alleged $36 Million Cryptocurrency Theft

News Feed - 2021-11-21 03:11:27

Canada Detains Teen for Alleged $36 Million Cryptocurrency Theft


A teenager has been arrested in Canada after committing what law enforcement officials in Ontario have described as 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 U.S. Teen Arrested in Canada for Stealing Crypto Fortune From American


A young Canadian from Hamilton, Ontario province, has been accused of stealing cryptocurrency worth $46 million Canadian dollars (over $36 million). The digital money was allegedly misappropriated in a SIM swapping attack on a victim residing in the United States.



Local police believe this is the largest crypto theft committed by one man, the Toronto Star reported. In March 2020, Canadian law enforcement joined forces with the U.S. Secret Service Electronic Crimes Task Force and the FBI on the investigation which led to the arrest of the teenager, according to a statement by the Hamilton Police Service.


The press release revealed that police officials were able to identify the perpetrator when he used some of the digital coins to buy a rare online gaming username. If it wasn’t for this decision, the newspaper notes, the youngster could have gotten away with the crime.


The teenager now faces a sentence of up to 10 years in prison for the staggering cryptocurrency theft. Canadian authorities also announced they had already conducted multiple seizures of crypto assets at an estimated value exceeding seven million Canadian dollars (over $5.5 million).


In a SIM swap, fraudsters manage to port a victim’s phone number to different SIM card by exploiting security weaknesses at the mobile phone service provider. Scammers often convince or bribe employees of the carrier to conduct 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 been on the rise 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 coins worth $100 million, as Bitcoin.com News reported. The arrests followed an international investigation into a series of cases involving this particular technique in 2020. Tags in this story Arrest, Attack, Bitcoin, Canada, Canadian, Crypto, Cryptocurrencies, Cryptocurrency, FBI, Fraud, Hamilton, Ontario, Police, prison, sentence, sim swap, sim swapping, Stealing, teen, teenager, Theft, U.S., United States, username, victim, youngster


Do you expect SIM swapping attacks on cryptocurrency holders to further increase in the future? Share your thoughts on the subject in the comments section below. Hillary Clinton Warns Cryptocurrency Could Destabilize Nations, Undermine Dollar as World"s Reserve Currency NEWS | 6 hours ago Gemini Raises $400 Million in Growth Equity Funding Round; Metaverse Clash Incoming NEWS | 22 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Sentences Man to 3 Years in Prison for Operating Unlicensed Bitcoin Exchange Business Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDCG Mining Subsidiary Foundry Launches Range of Services for 20 Crypto Staking Networks


Foundry, the Digital Currency Group (DCG) subsidiary and cryptocurrency mining and consulting firm from Rochester, New York announced the launch of a new platform on Wednesday called Foundry Staking. The company says the product currently supports 20 blockchain networks and ... read more.Sotheby’s to Bring Down the Hammer in Ethereum on 2 Iconic Banksy Paintings Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims Over 3 Million Customers Can Earn Bitcoin Points Dining at 500 Restaurants via Landry"s Rewards Program

News Feed

Biggest Movers: FTM Down 12% to Start the Weekend, as ATOM Hits 8 Month Low
Biggest Movers: FTM Down 12% to Start the Weekend, as ATOM Hits 8 Month Low FTM was down by as much as 12% to start the weekend, as crypto markets were once again under a red wave.
Paxful co-founder Schaback faces 5 years jail, admits AML failure
Jesse Coghlan2 hours agoPaxful co-founder Schaback faces 5 years jail, admits AML failureArtur Schaback, one of the co-founders of crypto exchange Paxful, has agreed to a plea deal with U.S. prosecutors that could see hi
Customers Bank to strengthen AML compliance after Fed scrutiny
Derek Andersen3 hours agoCustomers Bank to strengthen AML compliance after Fed scrutinyThe crypto-friendly bank’s activities during the 2023 banking crisis will also be examined.419 Total views1 Total sharesListen to a
Biggest Movers: QNT Remains Near Multi-Month High, HBAR 11% Higher
Biggest Movers: QNT Remains Near Multi-Month High, HBAR 11% Higher Quant continued to trade close to an eight-month high on Wednesday, as prices of the token rose for a second stra
Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions
Report: South Korean Prosecutors Seek Software to Track and Monitor Crypto Transactions South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly
Reddcoin (RDD) Nears PoSV v2 Activation, Clearing Way for Explosive Developments
Reddcoin (RDD) Nears PoSV v2 Activation, Clearing Way for Explosive DevelopmentsAlbuquerque, NM – May 29, 2020 – Feisty underdog and first generation cryptocurrency Redd
Marcel Pechman6 hours agoCPI report may show uptick in US inflation — How will Bitcoin price react?Bitcoin’s price remains range-bound as equities, gold and U.S. Treasurys offer competitive rates with reduced risk. T
XRP Risks Falling To $1.25 Without Critical Price Break – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Will Bitcoin See Another ‘Thanksgiving Day Massacre’? Experts Weigh In
Este artículo también está disponible en español. Almost four years ago to the day, Bitcoin experienced a dramatic 17% plunge from $19,500 to $16,200 in 2020, an event th
Turner Wright4 hours agoBinance refers users to Coinmerce as exchange exits the NetherlandsA reported hundreds of thousands of users based in the Netherlands will have the opportunity to move their assets to Coinmerce fo
MaximNFT, a Marketplace by Maxim and xSigma, Will Host Vitali Klitschko’s Charitable NFT Collection
MaximNFT, a Marketplace by Maxim and xSigma, Will Host Vitali Klitschko’s Charitable NFT Collection press release PRESS RELEASE. MaximNFT – an NFT marketplace by Maxim maga
Revolut debuts dedicated crypto exchange for UK users
Savannah Fortis14 hours agoRevolut debuts dedicated crypto exchange for UK usersRevolut announced its new Revolut X crypto trading platform for U.K. retail users, which it claims will offer fixed low fees and easy fiat-t