Canadian Police have arrested a teen whom it alleges is a thief who has stolen more than US$ 36 Million in cryptocurrencies. Police also said that it is by far the biggest stealing of crypto funds by a person single-handedly without seeking crime assistance from anyone. Police also alleged that the arrested teen was involved in a SIM swapping scam and his primary targets were Americans.
A resident of Ontario, Canada has been arrested by Canadian Police for being a suspect of stealing crypto funds. Police are suspecting him of stealing funds in crypto to the tune of US$ 36 Million. Police have made a claim that the suspect was actively involved in committing SIM swapping activities, which is a method of fraud. Police also told that the arrested individual’s prime target of SIM swapping was from the US.
According to police, none of the crypto stealing incidents has been as big as this one from Canadian soil. However, the police also noted that US$ 36 Million were embezzled single-handedly by the arrested accused.
The police, which arrested the teen crypto fraudster, was Hamilton Police. It was claimed by Hamilton Police that they were coordinating with the US’s FBI and Secret Service since last year. Both the American agencies were after their criminal and they informed Canadian Police about the whereabouts of the accused. The Canadian Police also did their homework before making the arrest of the teen crypto fraudster, said Hamilton Police. They said that police officials in civil dresses were keeping an eye on the suspect’s movement. However, his identity was busted when he used a certain digital currency for acquiring a unique and expensive username for an online computer game. This was the first and last mistake the teenager had made, said the Police. If he hadn’t paid from the digital currency, which he had stolen, he could have escaped easily.
The teenager is now in the custody of Hamilton Police who is interrogating him for investigation and clearing certain doubts. He is expected to be brought before the trial soon for the offenses he has committed against innocent people.
Under Canadian criminal law, if the offenses are proved, then the arrested teenager would likely face jail time for at least 10 years. Police have also claimed that they have already taken into custody crypto funds amounting to US$ 5 Million. The crypto funds were found in the possession of the arrested teenager, claimed Hamilton Police.
SIM swap is a common method of committing fraud upon the people, particularly upon crypto owners. In this type of fraud, the criminals transfer the mobile number of the victim onto another SIM by breaching into the victim’s mobile network. Often the criminals seek aid from the employees of the victim’s mobile network as well.