A Canadian court has sentenced a man from Hamilton to one year in prison after he admitted to stealing millions in cryptocurrency, including what is believed to be the largest individual crypto theft in the country’s history.
The case dates back to 2020, when the man—then just 17 years old—successfully carried out a SIM-swapping scheme that allowed him to drain CAD $48 million (around $34.6 million USD) from a single victim.
By tricking a phone company employee into reassigning the target’s number, he was able to intercept two-factor authentication codes, seize control of online accounts, and funnel digital assets into wallets he controlled.
Investigators later discovered his trail after he transferred some of the stolen Bitcoin to a PlayStation user in exchange for a gaming handle. Despite being arrested and charged, he was released on bail in 2022.
Instead of staying out of trouble, he launched a second crime spree. Prosecutors said he hijacked popular social media accounts and used them to promote fraudulent links, tricking followers into handing over access to their crypto wallets. This scheme targeted hundreds of victims and brought in an additional CAD $1 million.
Although much of the stolen money has not been recovered, the court ruled that the man would serve a year in jail for the second wave of thefts. His original heist, committed as a minor, remains one of the most notorious crypto-related crimes in Canada.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/canadas-largest-crypto-thief-gets-prison-time-after-new-spree/