The cryptocurrency world was rocked by news of the largest theft of Bitcoin from a single individual, allegedly carried out by a Canadian teenager. The young suspect was apprehended last week for allegedly stealing approximately $36.5 million worth of crypto-currency from an undisclosed victim in the United States.
Reports suggest that the teenager employed a SIM swapping attack to gain unauthorized access to the victim’s cell phone, which was then used to siphon off the funds from the victim’s digital wallet. This elaborate scheme caught the attention of authorities, leading to a joint investigation involving Hamilton Police, the Federal Bureau of Investigation, and the United States Secret Service Electronic Crimes Task Force.
According to a statement released by Hamilton Police on November 17, the victim fell prey to a SIM swap attack, a method where cybercriminals manipulate cellular network employees to duplicate phone numbers, thereby intercepting two-factor authorization requests. As a result of this attack, an estimated $46 million CAD worth of cryptocurrency was stolen, marking it as the largest reported cryptocurrency theft from a single individual.
The investigation into this elaborate scheme revealed that the suspect had used some of the stolen funds to purchase a rare online username within the gaming community. This transaction ultimately led investigators to identify the account holder of the coveted username, facilitating the linking of the defendant to the crime.
The teenager was arrested on charges of theft exceeding $5,000 and possession of property obtained through criminal activities. Hamilton Police conducted multiple seizures of cryptocurrency valued at over $7 million CAD (approximately $5.5 million), indicating the scale and complexity of the operation.
The legal proceedings surrounding this high-profile case are currently underway in Canadian courts, with Hamilton Police urging anyone with pertinent information to come forward. Detective Constable Kenneth Kirkpatrick emphasized the gravity of the situation in an interview with CBC, highlighting the substantial amount of money involved and the implications of such a significant theft.
The repercussions of this incident serve as a stark reminder of the vulnerabilities inherent in the cryptocurrency ecosystem and the importance of robust security measures to safeguard digital assets. As the case unfolds, it underscores the ongoing battle against cybercrime and the collaborative efforts of law enforcement agencies to combat such illicit activities.