Police Canada arrest a teen for committing an offense. Which Ontario law enforcement officials call the largest theft of private encryption. Canadian accused of stealing thousands of dollars via SIM card swaps. They were targeting cryptocurrency holders in the United States.
Police Canada Theft Case Arrest Teen
Ontario Canada police have seen a teen arrest in Hamilton. Canadian accused of stealing cryptocurrency worth C$46 million (more than US$36million). The digital currency allege stolen during a SIM swap attack against victims in the United States.
According to The Toronto Star, this was the largest encryption theft by a male. Canadian law enforcement agencies joined with the FBI and the US Secret Service Electronic Crime Task Force to conduct a joint investigation to investigate the case of juvenile arrest.
The media conference highlighted that he had used digital money to purchase usernames for online games that were not available to the general public. Therefore, police can identify the suspect. The newspaper noted that the teenager could have escaped the crime if it wasn’t for this resolution.
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For his crypto theft, the teenager could spend up to 10 years in prison. This has caught many people by surprise. Canadian authorities stated that they had also seized crypto assets worth more than 7,000,000 Canadian dollars (or more than 5.5 million US).
The SIM swap was carried out by a fraudster who managed to change the victim’s SIM card. In order to exploit a security flaw in the cell phone provider’s system. Scammers will often persuade or bribe service personnel to convert the results they have received from the victim.
While Bitcoin fees have hit record highs, SIM exchange attacks against cryptocurrencies are on the rise globally. According to Bitcoin.com News in February, Europol arrested 10 members of a SIM Swap Crime Group suspected of stealing $100 Million in cash. This arrest makes possible by global investigative powers that were used to investigate a variety of cases involving this method in 2020.