Hamilton, Ont. youth arrested in $46M cryptocurrency theft
BNN Bloomberg
A joint investigation involving U.S. federal authorities has led Hamilton, Ont. police to arrest a young person in the biggest cryptocurrency theft from a single victim to date.
A joint investigation involving U.S. federal authorities has led Hamilton, Ont. police to arrest a young person in the biggest cryptocurrency theft from a single victim to date.
Hamilton police joined forces with the U.S. Federal Bureau of Investigation and the United States Secret Service Electronic Crimes Task Force in March 2020 after a person in the U.S. reported the theft.
Authorities said the victim was targeted by a “SIM swap attack” – where a hacker manipulates cell phone carrier employees into duplicating a phone number so two-step authentication requests can be intervened, allowing the hacker to gain access to a victim’s accounts.
As a result of the attack, police said, the victim reported approximately $46 million worth of digital coins were stolen.
According to police, some of the digital money was used to purchase a rare online video game username, which led them to the account holder.
A Hamilton youth is now facing charges of theft of $5,000 and possession of stolen property or proceeds of property obtained by crime.
