Ontario teen arrested after allegedly stealing $46 million in cryptocurrency from one person in the U.S.
An Ontario teenager has been arrested after allegedly stealing $46 million from one person in a massive cryptocurrency scam in the United States.
Hamilton police announced the arrest on Wednesday after a joint investigation with the Federal Bureau of Investigations (FBI) and the United States Secret Service Electronic Crimes Task Force that began in March 2020.
According to police, the victim had been targeted by a SIM swap attack, a method of manipulating cellular network carriers so scammers can intercept two-factor authentication requests.
"The joint investigation revealed that some of the stolen cryptocurrency was used to purchase an online username that was considered to be rare in the gaming community,” police said in a statement. "This transaction led investigators to uncover the account holder of the rare username."
A Hamilton youth was arrested in mid-2020 in connection with the incident for theft over $5,000 and possession of property or proceeds of property obtained by crime.
The age of the suspect has not been released by investigators.
“Because of the YCJA [Youth Criminal Justice Act] and just because it’s part of our investigation, we made the decision not to disclose the age of the accused,” Det. Const. Kenneth Kirkpatrick told CTV News Toronto.
Investigators said this is the largest cryptocurrency scam involving one person in Canadian history.
As the case makes its way through the courts, Hamilton police are asking the public to be vigilant in the security of their funds, whether they are held in crypto or centralized currency.
"If you have 15 accounts all with the same password, you're definitely not secure,” Kirkpatrick said. “So having different passwords for each different account, that’s very important."
Kirkpatrick went on to say that multi-factor authentication is key to protecting your personal information and money.
"Often, all these accounts have the ability to add a second factor, or even third-factor authentication…In today’s day and age, you need to kind of go one step further," he said.
CTV News Toronto contacted the FBI and United States Secret Electronic Crimes Task Force for more information but both organizations declined to comment.
CTVNews.ca Top Stories
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
Tipping is off the table at this Toronto restaurant
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.
Rainfall warnings of up to 90 mm among weather alerts in effect for 7 provinces
Rainfall warnings of up to 90 millimetres, air quality advisories and other alerts have been issued for seven Canadian provinces, according to the latest forecasts.
Canada Post’s newest stamp features special cookies for Islamic holiday
Canada Post’s newest specialty stamps feature “melt-in-your-mouth” desserts to mark two Islamic festivals, the crown corporation announced Thursday.
King Charles calls for acts of friendship in first public remarks since Kate's cancer diagnosis
King Charles III gave public remarks for Maundy Thursday, addressing the importance of acts of friendship, following his and Catherine, Princess of Wales’ cancer diagnoses.
A dog and a bird formed an unlikely friendship. Their separation has infuriated followers
Peggy is a stout and muscular Staffordshire bull terrier, and Molly is a magpie, an Australian bird best known for swooping on humans during breeding season, not for befriending dogs. But in an emotional video posted online, Peggy’s owners announced that the animals had been separated.
Statistics Canada reports real GDP up 0.6 per cent in January as Quebec strikes end
Canada's real gross domestic product grew 0.6 per cent in January, helped by the end of public sector strikes in Quebec in November and December, Statistics Canada said Thursday.
Ukrainian child asylum seekers in St. John’s get class of their own
Roughly 50 children will gathered in a St. John’s classroom for the first time on Saturday for unique lessons on Ukrainian language, culture and history.