Canadian Police Arrest Teen for Allegedly Stealing $36M in Crypto

It is the biggest cryptocurrency theft ever reported in Canada, police said.

AccessTimeIconNov 17, 2021 at 8:13 p.m. UTC
Updated May 11, 2023 at 5:49 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Canadian police in Hamilton, Ontario, arrested a teen for allegedly stealing C$46 million ($36 million) worth of cryptocurrency through a SIM swap attack on a victim located in the U.S.

  • This is the biggest cryptocurrency theft reported so far in Canada, the Hamilton police said in a press release on Wednesday.
  • The victim was targeted by a SIM swap attack, in which scammers hijack accounts by manipulating cellular network employees to duplicate phone numbers so “threat actors” can intercept two-factor authorization requests, the police said .
  • Some of the stolen cryptocurrency was used by the teen to purchase an online username that the online gaming community considers rare. This suspicious transaction then led investigators to uncover the account holder of the username.
  • The Hamilton police said that they worked on the case in a joint investigation with the U.S. Federal Bureau of Investigation (FBI) and the U.S. Secret Service Electronic Crimes Task Force.
  • This case is currently before the Canadian courts.
  • MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve; Nike Teams Up With EA Sports
    02:50
    MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve; Nike Teams Up With EA Sports
  • Kraken’s Canada Customer Deposits Rose After Binance, OKX Plan to Leave
    01:07
    Kraken’s Canada Customer Deposits Rose After Binance, OKX Plan to Leave
  • Coinbase Praises Canada’s Crypto Approach Amid U.S. Regulatory Pressure
    05:35
    Coinbase Praises Canada’s Crypto Approach Amid U.S. Regulatory Pressure
  • Bitcoin Moves Sideways, Trading Around $27K
    08:21
    Bitcoin Moves Sideways, Trading Around $27K
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.