Canada’s law enforcement officials have arrested a teenage suspect for what they call the most serious crypto theft. Through a SIM swap, the Canadian accused is believed to have stolen tens or millions of dollars from a U.S.-based crypto holder.
Canadian Teen is Arrest for Stolen Crypto Fortune from American
One young Canadian man from Hamilton in Ontario was accused of taking cryptocurrency valued at $46 Million Canadian Dollars (over $36 Miillion). It is alleged that the digital cash was stolen in an attack using SIM swapping to target a victim in the United States.
The Toronto Star reported that local police believed this to be the largest cryptocurrency theft perpetrated by one man. The Hamilton Police Service released a statement stating that the Canadian police joined the U.S. Secret Service Electronic Crimes Task Force as well as the FBI in an investigation that resulted in the arrest of the teenager.
According to the press release, police officers were able identify the culprit when the youngster used the digital coins to purchase a unique online gaming username. If it wasn’t for this decision, the newspaper notes, the youngster could have gotten away with the crime.
For the cryptocurrency theft, the teenager could face a maximum of 10 years imprisonment. Canadian authorities revealed that multiple crypto assets had been seized at an estimated cost of seven million Canadian dollars, or more than $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 are known to bribe or convince staff of the carrier in order to perform the transfer. They would then receive any calls and messages on the device that they own, as well as those meant for authentication.
Globally, the number of SIM swapping SIM targeting cryptos has been increasing as bitcoin prices have risen to all-time highs. Europol arrested 10 members of the SIM-swapping criminal gang who allegedly stole $100 million worth coins, Bitcoin.com News reported. This arrest followed an international probe into several cases in which this method was used.
What do you think about SIM swapping attacks on crypto holders? Comment below with your opinions.
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