The Largest Bitcoin Theft by a Canadian Teenager
Last week, a Canadian teenager was arrested for allegedly committing the largest theft of Bitcoin from a single individual. The youth is accused of stealing approximately $36.5 million worth of cryptocurrency from an unnamed victim in the United States.
The Alleged Crime
It is believed that the defendant used a SIM swapping attack to gain access to the victim’s cell phone. With this access, they were able to drain the funds from the victim’s digital wallet. The incident prompted a joint investigation by Hamilton Police, the Federal Bureau of Investigation, and the United States Secret Service Electronic Crimes Task Force.
Hamilton Police released a statement explaining the details of the attack, stating that the victim was targeted through a SIM swap attack. This method involves manipulating cellular network employees to duplicate phone numbers, allowing threat actors to intercept two-factor authorization requests. As a result, approximately $46 million CAD worth of cryptocurrency was stolen from the victim, making it the largest reported cryptocurrency theft from a single person.
The Investigation
Investigators were able to link the defendant to the crime after the teenager used some of the stolen funds to purchase a rare online username in the gaming community. This transaction led authorities to uncover the account holder of the unique username.
The teenager was arrested for theft of over $5,000 and possession of property obtained through crime. Hamilton Police seized multiple cryptocurrencies valued at more than $7 million CAD (approximately $5.5 million USD) during the arrest.
Legal Proceedings
The case is now before the Canadian courts, and Hamilton Police are urging anyone with information about the crime to come forward. Detective Constable Kenneth Kirkpatrick emphasized the significance of the theft in an interview with CBC, highlighting the substantial amount of money involved.
As the legal process unfolds, the impact of this unprecedented theft on the cryptocurrency community and the broader implications of SIM swapping attacks will undoubtedly be closely monitored.