Canadian Teen Accused Of Stealing $36.5 Million Worth Cryptocurrency, Spent A Part Of It To Purchase A Rare Gaming Username- Header

Canadian Teen Accused Of Stealing $36.5 Million Worth Cryptocurrency, Spent A Part Of It To Purchase A Rare Gaming Username

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The Canadian teen allegedly stole cryptocurrency worth $ 36.5 million using a cell phone scam.

Canadian Teen Accused Of Stealing $36.5 Million Worth Cryptocurrency, Spent A Part Of It To Purchase A Rare Gaming Username- Inner
Image of the Dogecoin Used For Representation Purpose Only

Business Insider has reported that a Canadian teenager was arrested, by the police in Canada, on Wednesday, on the accusation of theft of cryptocurrency worth $ 36.5 million (forty six million Canadian dollars) of cryptocurrency. The victim is a citizen of the USA.

The teenager used a part of this stolen cryptocurrency for purchasing an online username which is considered by the gaming community to be very rare. The tracking of this transaction and the account holder currently in possession of the username, report the Hamilton Police Service, in a statement, was crucial to the investigation and what finally led the investigators in the right direction, leading them to the teen from Hamilton, Ontario.

The victim, a resident of the United States of America, was the target of a cell phone scamming scheme, known as SIM Swap Attack, as per the police from Hamilton, a small port city in Ontario, a province in Canada. The Canadian teen, used the scam to allegedly steal cryptocurrency worth $ 38.5 million, from the victim. The police have reported this incident the biggest case of cryptocurrency theft from a single person or individual, in Canadian history.

Canadian Teen From Hamilton, Ontario Accused Of Stealing $36.5 Million Worth Of Cryptocurrency!

In layman’s terms, a SIM Swap Attack can be described as a hijack method that is performed by deliberately manipulating the employees working for the cellular network in to duplicating the phone numbers. As a result, the scammer is able to intercept the two factor authorization requests. These requests then allow the hijacker to get access to the victim’s accounts.

The arrest in the case was a result of the joint investigation which the Hamilton Police Service, the United States Secret Service Electronic Crimes Task Force and the Federal Bureau of Investigation conducted. The Hamilton Police have said that they made multiple seizures of cryptocurrency worth more than seven million Canadian dollars in value. The case of the Hamilton teen’s alleged possession of property or thing or proceeds of property or thing that has been obtained by crime, is currently being handled by the court system.

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Source: Business Insider

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