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Ontario teen arrested following $46 MILLION crypto scam

An Ontario teenager was arrested this week after allegedly scamming $46 million worth of cryptocurrency from one person in the US.

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Roberto Wakerell-Cruz Montreal QC
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An Ontario teenager was arrested this week after allegedly scamming $46 million worth of cryptocurrency from one person in the US.

A statement from the Hamilton police says that the teen was arrested following an investigation with the FBI and the US Secret Electronic Crimes Task Force that started last year.

The scam was a "SIM swap attack," which is a method in which a scammer manipulates cellular network employees in order to intercept two-factor authorization requests (passwords).

"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,” a statement said. "This transaction led investigators to uncover the account holder of the rare username."

The Hamilton youth was arrested for theft of $5,000 and possession of property of proceeds of property obtained by crime.

According to CTV News Toronto, this is the largest crypto scam in Canadian history.

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