Canada Arrests Young Man Who Stole $36 Million Worth Of Cryptocurrencies

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Canada: Police authorities in Hamilton, Canada, announced the arrest of a teenager who stole a record amount of cryptocurrencies from a single source. According to an official statement released by the department, the suspect was responsible for stealing around $36.5 million in digital assets — approximately $ 203 million in direct currency conversion.

The crime was made possible by a SIM swap technique, a phone number cloning that can involve help from within an operator to make it easier to get a cell phone’s two-factor verification code. This same technique has been widely used to steal financial data and even WhatsApp accounts in Brazil.

The identities of those involved were not disclosed, but the accused is 17 years old and the victim resides in the United States. The investigation was carried out in partnership between the FBI and the Canadian Police Service, working together since March 2020, when the theft was reported. At least for the time being, only a fraction of the total stolen in cryptocurrencies has been recovered at the time of arrest. The accused will now go through a trial, which has yet to take place.