Ontario teen arrested after allegedly stealing $46 million in cryptocurrency from one person in the U.S.

TORONTO — An Ontario teenager has been arrested after allegedly stealing $46 million from one person in a massive cryptocurrency scam in the United States.

Hamilton police announced the arrest on Wednesday after a joint investigation with the Federal Bureau of Investigations (FBI) and the United States Secret Electronic Crimes Task Force that began in March 2020.

According to police, the victim had been targeted by a SIM swap attack, a method of manipulating cellular network carriers so scammers can intercept two-factor authorization requests.

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

According to police, a Hamilton youth was arrested for theft of $5,000 and possession of property or proceeds of property obtained by crime

Police said the matter is before the courts.

Hamilton police told CTV News Toronto this is the largest cryptocurrency scam involving one person in Canadian history.

CTV News Toronto has contacted the FBI and United States Secret Electronic Crimes Task Force for more information and is awaiting a response.

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