Teen accused of North America’s biggest-ever single-person crypto heist — Analysis

An alleged theft of $36.5million in cryptocurrency by a Canadian teenager from the US has led to his arrest. According to the police, it is believed that this was one of the biggest such heists ever recorded in North America.

On Wednesday, Hamilton Police arrested an unidentified criminal after more than one year in which they investigated what they called the most serious cryptocurrency theft by a single individual in Canada and the United States. When the theft was discovered, local police joined forces with the Federal Bureau of Investigation (FBI) and the US Secret Service Electronic Crimes Task Force to investigate the matter.

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Hamilton Police Service claimed it had received “multiple”During the arrests, more than CA$7million (US$5.5million) were seized. This was after investigators discovered that some of the stolen funds had been used for the purchase of an internet username. “rare”A police statement states that the casino community is affected.

SIM Swapping is a type of cell phone hijack that apparently targets victims. This method involves manipulating cellular network employees to duplicate phone numbers in order to let the scammer intercept the two-factor authorization requests that allow them access to a victim’s account.

This method is considered especially potent because a lot of people use the same password for multiple sites, according to Detective Constable Kenneth Kirkpatrick, of the Hamilton Police’s cybercrimes unit. Although he said that crypto and cybercrimes were increasing in frequency, he also noted that these figures were not uncommon. “very surprising.”

“It’s a large amount of money in anybody’s opinion,”Kirkpatrick stated that the case is currently being heard by the Hamilton court system.

The police haven’t revealed the age or gender of the youth, the username they purchased, or whether they were acting alone.

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