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Ontario youth arrested for alleged theft of $ 46 million in cryptocurrency

By on November 17, 2021 0

A youngster from Hamilton, Ont., Under the age of 18, has been arrested and charged with being involved in the theft of $ 46 million in cryptocurrency.

Hamilton Police said the victim was in the United States.

The arrest is the result of a joint investigation with the Federal Bureau of Investigations and the United States Secret Service Electronic Crimes Task Force that began in March 2020.

The victim was targeted with a SIM swap attack, a method of hijacking valuable accounts by manipulating cellular network workers to duplicate phone numbers so that malicious actors can intercept two-factor authorization requests Hamilton police alleged in a press release.

“As a result of the SIM swap attack, approximately C $ 46 million in cryptocurrency was stolen from the victim. It is currently the largest single person reported cryptocurrency theft.

Police say the alleged perpetrator was arrested for theft over $ 5,000.00 and possession of property or proceeds of property obtained through the crime. It is not clear whether the youth has ever been formally charged.

Police said a gaming username led to the arrest. “The joint investigation revealed that some of the stolen cryptocurrency was used to purchase an online username that was considered rare in the gaming community,” Hamilton Police alleges.

“This transaction led investigators to discover the account holder of the rare username.”

Hamilton Police say they have seized $ 7 million in cryptocurrency and the case is now in court.

Under the Youth Criminal Justice Act, persons under the age of 18 accused or convicted of a crime cannot be named.

Hamilton Police said they were not looking for anyone else involved in the alleged theft.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on twitter @jessysbains.

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