A teenager stole $ 36 million worth of cryptocurrencies in Canada by doing a SIM card swap.
A teenager was arrested by Canadian police for allegedly stealing $ 46 million Canadian, equivalent to $ 36 million, in cryptocurrency from a United States investor.
Hamilton police stated in a press release yesterday that the cryptocurrencies were stolen through a SIM card swapping attack, in which the perpetrator swapped the victim’s mobile SIM card for a fake one to remotely intercept her identity. , your passwords, your accounts on cryptocurrency exchanges, and your two-factor authentication (2FA) security measures.
Thefts of this nature are possible with the help of corrupt individuals within a telecommunications provider who help transfer the target’s phone number to a SIM card owned by the hacker or through social engineering tricks. One of the ways may be that the scammer calls the target’s mobile service provider and, claiming that their phone was lost or stolen, requests that the phone number be linked to a new SIM card that they control.
It is worth noting that there is no further information on the adolescent – neither name nor age – for being a minor. It is not known if he acted alone or is part of a group.
Buy a name
According to the statement, the teenager had spent part of the cryptocurrencies to buy an online username that is considered rare in the online gaming community. The suspicious transaction led investigators to unmask the account holder of the username. Hunt for the exchanger sims It officially began in March 2020 and it is now that it is intercepted.
The arrest was made thanks to a collaborative effort between the US Federal Bureau of Investigation (FBI), the US Secret Service Electronic Crimes Task Force, and the Hamilton Police.
Notably, this is the largest cryptocurrency-related theft stolen from a single victim in Canada to date.. However the sim swapping It is not a new phenomenon and has been at the center of discussion among federal agencies since at least 2016.
Users are advised to remove their phone numbers from centralized crypto exchanges, and store their assets in cold or hardware wallets to avoid falling victim to sim swap attacks. An even better alternative could be to use a physical security key that makes it almost impossible for bad actors to access an individual’s valuable data.
If you want to know more about cold and safe wallets or wallets, you can read our article.
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