$46M Crypto Theft — Youth Arrested by Ontario Police
Probably the biggest one-man theft in the crypto industry is made by a youth in Hamilton, Ontario. The amount is more than $46million, as known till now. The policy was trying to trap the youth since 2020. But, being extremely secure and decentralized, the police were not getting enough evidence.
Federal Bureau of Investigations (FBI) and the United States Secret Service jointly investigated the theft and they faced several challenges to track down the culprit.
As per the investigation team, the person used to target those accounts who haven’t a valid and strong two-step security system. The youth used to get access to the accounts of such compromised accounts and transfer the cryptocurrencies to anonymous accounts.
Basically the person used SIM swapping method where he gets access to the SIM and collect the OTP very easily through hijacking the SIM. Now, he used to reset the password to get entry into the accounts, as said by the Hamilton Police.
The cyber experts say, SIM swapping technology can be lethal for any person as people uses their phone number for validating several types of confidential accounts, ranging from bank accounts, crypto trading accounts to several online platforms.
The cyber experts suggests keeping any eye on your phone’s activity and if you suddenly feel that you are not getting calls or text from any number for an unexpected time, do check if your phone is active or not. In case, it’s not active, contact your SIM provider’s customer support instantly to fix the issue.