Canadian Police Make Arrest in $36M Crypto Heist

A Hamilton, Ontario youth has been arrested for being involved in a much larger cryptocurrency theft worth $46 million CAD ($36 million USD). 

The individual was specifically arrested for the theft of over $5,000 CAD, as well as possession of property or proceeds of property obtained by criminal activity. 

The $36 million case, which is now before the courts, began in March 2020. 

Hamilton Police entered into a joint investigation with the Federal Bureau of Investigation (FBI), and the United States Secret Services Electronic Crimes Task Force. 

The crypto heist involved a victim located within the United States. 

“The victim had been targeted by a SIM swap attack, a method of hijacking valuable accounts by manipulating cellular network employees to duplicate phone numbers so threat actors can intercept two-factor authorization requests,” Hamilton police said in a statement. 

Via the SIM swap attack, approximately $36 million worth of cryptocurrency was stolen from the victim. 

“This is currently the biggest cryptocurrency theft reported from one person,” the police added. 

The investigation also discovered that a portion of the stolen cryptocurrency was used to purchase an online username that was “considered to be rare in the gaming community.” 

Crypto and youth crime

This is not the first time a young person has been involved in criminal activity connected to cryptocurrency. 

Last month, an unnamed teenager in the United Kingdom had $2.7 million worth of Bitcoin seized by police following a “sophisticated cyber fraud.” 

The teenager set up a fake website and used thousands of pounds worth of stolen vouchers to purchase the cryptocurrency. 

He was given a 12-month rehabilitation order by the Lincoln Crown Court.