Crypto scam: Canadian teenager steals $ 46 million in cryptocurrency

TL; Distribution DR

• Young man from Hamilton, Canada, caught in a major crypto scam.
• Investigators claim that a crypto scam was carried out via the theft of SIM card.

Recently, a young man residing in Ontario, Canada was arrested for a crypto scam where he acquired over $ 46 million. According to investigations, the theft was carried out using a change of SIM card in which the criminal took advantage of the victim’s innocence.

Agents say these cryptocurrency scams are not as common in Canada, although this new theft is marking the country. The criminal extracted data from the victim’s SIM card called the subscriber operator and changed the phone number to a SIM card he was controlling to steal the money.

Crypto Scam Criminal Seized in Canada

Canada has been a receptive country for cryptocurrencies. Everything was going well in the crypto market until several individuals scammed. Recently, a young man in Ontario committed the worst crypto scam involving stealing a person’s SIM card, changing the phone number on bank accounts, and transferring funds.

According to reports from the FBI, the National Police and the agency investigating virtual crimes in the United States, the criminal had stolen a SIM card. He extracted important data from the victim. After the SIM card was stolen, the criminal manipulated the person’s crypto wallets to change their phone number and possibly the access codes to those wallets. Agents add that the investigation has been underway since 2020.

Once the criminal gained access to the crypto wallet, he assigned the person’s stored funds to a personal account. While it is not known which crypto was stolen in this crypto scam, Hamilton law enforcement officials say the token was used to purchase an online alias that was considered strange. Based on this crypto fund transfer, the police tracked down the criminal who was reported to have stolen around $ 46 million.

Agents in Hamilton warn crypto investors

Following the investigation for a crypto scam in Hamilton, Canada, investigators warn of these possible attacks. Canadian city police chief is asking investors to improve the security of their wallets. Crypto holders must have complex security to access wallets with at least two authentications.

Agents add that this crypto scam is said to be the biggest in town. However, it all ended, and the criminal was already in control of the YCJA.

These petty thefts of cryptocurrency arouse great suspicion among amateur investors, although they should also consider the causes of the problem. The researchers believe that these problems could have been avoided if the victim had not had such weak security in his crypto wallets.

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