Canadian Police Arrested Teen Over $36 Million Crypto Theft

Canadian Police Arrested Teen Over $36 Million Crypto Theft 2

Canadian Police took action on the crypto theft incident and found that a teen was involved in the theft. Teen allegedly stole $36 million worth of crypto. 

In the present time, with crypto adoption, crypto-related crimes are surging. Many people are using crypto for illegal purposes, some are using it to steal funds to remain anonymous. But the latest report indicates that crypto love is going rapidly toward the teens also. Teens are not only trading and losing the funds in crypto but also they are trying to scam people. 

Recently, Canadian Police arrested a teen. This teen stole around $36 million worth of crypto from the crypto wallet of a US citizen. 

Teen used the technique of sim swap. With the help of a sim swap attack, this guy accessed the wallet of the user with a two-factor authentication sign-in.  And drained the whole funds into his account. This was the first biggest crypto hacking incident in Canada, as per reports. 

Canadian Police did their work perfectly in the collaboration with the Federal Bureau of Investigations. However, this teen stole the funds in March 2020. But after a long time of investigation, investigators found this teen. 

Investigators found that this teen used the crypto assets to buy weird usernames involved in online gaming. 

Sim Swap attack big issues for the crypto firm 

In the present time, sim swap attacks are very common things to steal funds. 

Recently, we covered the news, where a plaintiff’s fund was found traced in the Huobi exchange’s wallet. The attack took place from Coinbase’s wallet account through the use of a sim swap attack. 

These types of attacks are very easy for the hacker to swap the sim easily. Government authorities should do their best to stop the sim swap attack, they need to impose strict rules to issue new sim cards or reissue the sims. 

Read also: US SEC agency may take action on crypto lending firm BlockFi