18-year-old Sami Ben Sassi from Montreal is facing four criminal charges related to a $50 million phone fraud.

Prosecutors say he was part of a gang that stole millions of dollars by breaking into the phones of cryptocurrency owners and holders.

Lieutenant Hugo Fournier, a spokesman for the Canadian Police – Surte de Quebec – stated that the SIM swap operation claimed many victims, about $50 million from our neighbors to the south and $300,000 in Canada in 2018.

The gang allegedly used SIM swap technology, where the scammers can gain access to phones and all apps including crypto wallets.

Ben Sassi was arrested in Victoria, British Columbia, in November and charged with fraudulently obtaining digital services, committing more than $5,000 in fraud, identity fraud, and illegal access to computer data. According For “Infosecurity Magazine”.

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Last month, the teen was released on $200,000 bail and banned from accessing any computer, tablet, mobile phone, or game console, including PS3, PS4, Xbox, Nintendo Switch, or any other device capable of accessing Internet.

It is also forbidden to own or trade cryptocurrencies.

One of the American victims, Rob Ross, who was exposed to such a fraud scheme and had an estimated $1 million worth of cryptocurrency stolen from him in two separate attacks, stated:

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I suspect that hackers pre-select targets through crypto-related events and conferences.

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US authorities arrest two men for swapping SIM cards in order to steal crypto

SIM swap attacks cost an investor $24 million in Bitcoin (BTC)