Teenager Charged in $50m SIM-Swapping Scam Targeting Canadian Blockchain Experts
A teenager from Montreal is facing four criminal charges in connection with a $50m SIM-swapping scam that targeted two renowned Canadian Blockchain experts.
Accusations and Allegations
Eighteen-year-old hacker Samy Bensaci is accused of being part of a crime ring that stole millions of dollars in cryptocurrency by gaining unauthorized access to the cell phones of cryptocurrency holders in America and Canada.
Police spokesperson Lieutenant Hugo Fournier from the Sûreté du Québec stated that the elaborate SIM-swapping cyber-fraud was responsible for the theft of “$50 million from our neighbors to the south and $300,000 in Canada.”
The crypto-currency thefts, which affected dozens of victims, were carried out by the gang in the spring of 2018.
Victims of the Scam
Among the alleged victims are renowned Toronto businessman and author Don Tapscott, along with his son Alex, who is a globally recognized investor and advisor on Blockchain technology.
Don and Alex Tapscott co-authored the book Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World.
Legal Proceedings
Bensaci was arrested in Victoria, British Colombia, in November and charged with fraudulently obtaining computer service, committing fraud over $5,000, identity fraud, and illegally accessing computer data. He was released on $200,000 bail in December and ordered to live with his parents in Montreal until his next court hearing.
As reported by La Presse, Bensaci is described by neighbors as a discreet individual who spends a significant amount of time on his computer.
While under bail conditions, Bensaci is restricted from accessing any devices capable of connecting to the internet and from engaging in cryptocurrency transactions.
Alerts and Precautions
Many of the victims targeted by the gang had attended the Consensus cryptocurrency fair in New York, leading to suspicions that hackers identify targets during such events.
American SIM-swapping victim Rob Ross, who fell victim to hacker Nicholas Truglia, now manages the StopSIMCrime.org website to raise awareness about such cyber-frauds.
In November, the Ontario Provincial Police issued an alert regarding SIM-swap scams, warning individuals to be cautious of impersonators claiming their phones have been lost or stolen.