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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.”
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.
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