Canadian teen arrested over CAD$46m crypto theft

Canadian teen arrested over CAD$46m crypto theft

Canadian police have arrested a teenager in connection with the theft of CAD$46 million in cryptocurrency from a victim in the US.

Police in Hamilton, Ontario say they arrested a youth as part of a joint investigation with the FBI and US Secret Service Electronic Crimes Task Force that has been running since March 2020.

The victim was targeted in a SIM swap attack - where crooks trick telco employees into duplicating phone numbers so that they can intercept two-factor authorisation requests. The CAD$46 million haul is the biggest cryptocurrency theft reported from one person.

The unnamed youth was arrested after some of the stolen funds was used to buy an online username "considered to be rare in the gaming community," say police.

He was arrested for theft over $5000 and possession of property or proceeds of property obtained by crime.