A Canadian teenager has been arrested following an investigation into the theft of C$46 million ($36 million) worth of cryptocurrency from a single investor from the United States, according to an announcement by Canadian Hamilton Police on November 17.

This is the biggest cryptocurrency scam in Canadian history.

It should be noted that the police confiscated 7 million Canadian dollars ($ 5.5 million) of the stolen funds.

The cryptocurrency fortune was stolen with the help of an attack targeting SIM card and SIM swapping.

The attacker was able to get another SIM card and access the victim’s money by being able to get the two-factor authentication.

Such scams are organized either with the help of a corrupt insider within a telecom company or by social engineering.

Read:Pakistan’s Faisal Bank unveils partnership with Ripple

The accused was arrested after cooperating with the FBI.

The investigation began in March 2020.

Investigators found that some of the stolen money was used to buy rare usernames in online games.

In February, Europol announced that members of a criminal gang had been arrested after stealing $100 million worth of cryptocurrency from some high-profile individuals.

As we pointed out at Bitcoin Arabs in a previous article about a California man losing $1.8 million worth of cryptocurrency in a scam after a SIM swap.

Read:In this way, the image of “Doge NFT” was offered for sale for a value of 300 million dollars

Read also:

Fidelity approved to be Canada’s first cryptocurrency custodian

MoneyGram announces a new pilot program in partnership with the Stellar Foundation…Details here