A teenager was arrested in Canada after Ontario law enforcement officials called it the largest single-person encryption theft.Canadians accused of stealing tens of millions of dollars through SIM exchanges targeting U.S. cryptocurrency holders

Teen arrested in Canada for stealing crypto wealth from the U.S.

A young Canadian from Hamilton, Ontario was accused of stealing cryptocurrency worth 46 million Canadian dollars (more than 36 million U.S. dollars). Allegedly, the digital currency was stolen in a SIM swap attack targeting victims living in the United States.

According to the Toronto Star, local police believe this is the largest cryptocurrency theft committed by a man. In March 2020, Canadian law enforcement agencies joined forces with the U.S. Secret Service’s Electronic Crime Task Force and the FBI to investigate the case that led to the arrest of the teenager. statement Provided by Hamilton Police Department.

The press release revealed that when he used some digital coins to buy rare online game usernames, the police were able to identify the perpetrators. The newspaper pointed out that if it were not for this decision, the young man would have escaped guilt.

The teenager is now facing up to 10 years in prison for the shocking cryptocurrency theft. Canadian authorities also announced that they have repeatedly seized crypto assets estimated to be worth more than 7 million Canadian dollars (over 5.5 million U.S. dollars).

In the SIM exchange, the fraudster managed to port the victim’s phone number to a different phone card By exploiting the security vulnerabilities of mobile phone service providers. Scammers often persuade or bribe the operator’s employees to transfer, after which they will receive any messages and calls on the devices they control, including those used for identity verification.

As the price of Bitcoin hit a record high this year, SIM swap attacks against cryptocurrencies are on the rise globally. In February, Europol detained 10 members of a SIM swap criminal gang that allegedly stole $100 million worth of coins as Bitcoin.com news ReportThese arrests were made after an international investigation into a series of cases involving this particular technology in 2020.

Do you expect SIM exchange attacks on cryptocurrency holders to increase further in the future? Share your thoughts on this topic in the comments section below.

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