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Crypto scam: Canadian teen steals $46M in cryptocurrencies

Crypto scam

TL;DR Breakdown

• Young man from Hamilton, Canada, caught in major crypto scam.
• Investigators claim crypto scam carried out via SIM theft.

Recently a young man residing in Ontario, Canada, was arrested for a crypto scam where he acquired over $46 million. According to investigations, the theft was perpetrated using a SIM card change in which the criminal took advantage of the victim’s innocence.

The agents clarify that these scams linked to cryptocurrencies are not as common in Canada, although this new theft marks the country. The criminal extracted data from the victim’s SIM called the subscribed operator, and changed the phone number to a SIM he controlled to steal the money.

Crypto scam criminal seized in Canada

Crypto scam

Canada has been a receptive country towards cryptocurrencies. Everything was going great in the crypto market until several individuals made scams. Recently, a young man in Ontario committed the vilest crypto scam involving the theft of a person’s SIM card, changing the phone number on bank accounts, and transferring funds.

According to reports from the FBI, the national police, and the agency investigating virtual crimes in the United States, the criminal had stolen a SIM. He extracted important data from the victim. After the SIM theft, the criminal manipulated the person’s crypto wallets to change his phone number and eventually the access codes to these wallets. The agents add that the investigation has been ongoing since 2020.

 After the criminal had access to the crypto wallet, he allocated the person’s stored funds to a personal account. Although it is not known what the stolen crypto was in this crypto scam, the police authority in Hamilton clarifies that the token was used to purchase an online alias considered strange. Based on this transfer of crypto funds, the police found the criminal who, according to reports, stole around $46M.

Agents in Hamilton warn crypto investors

Following the investigation for a crypto scam in Hamilton, Canada, investigators warn of these possible attacks. The head of the police department in the Canadian city asks investors to improve the security of their wallets. Crypto holders must have complex security to access wallets with at least two authentications.

The agents add this crypto scam would correspond to the largest in the city. However, everything ended, and the criminal was already at the command of the YCJA.

These small thefts in cryptocurrencies cause great distrust among amateur investors, although they should also consider the causes of the problem. Researchers believe these problems could have been avoided if the victim did not have such weak security in their crypto wallets.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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