Canadian Minor Arrested in $36M Crypto Bust
November 22, 2021
In March of 2020, Hamilton Police entered
into a joint investigation with the Federal
Bureau of Investigations and the United
States Secret Service Electronic Crimes Task
Force. The investigation focused on the
theft of cryptocurrency from a victim
located in 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.
As a result of the SIM swap attack, approximately $46 million CAD worth of cryptocurrency was stolen from the victim. This is currently the biggest cryptocurrency theft reported from one person.
The joint investigation revealed that some of the stolen cryptocurrency was used to purchase an online username that was considered to be rare in the gaming community. This transaction led investigators to uncover the account holder of the rare username.
A Hamilton youth was arrested for theft over $5,000.00 and possession of property or proceeds of property obtained by crime. This matter is before the courts.
Hamilton Police made multiple cryptocurrency seizures valued today in excess of $7 million CAD.