A Canadian youth who committed a large-scale fraud using SIM-swapping in 2020 has been sentenced to prison after a new wave of crimes.
First Crime: SIM-Swapping Scheme
In 2020, at just 17 years old, the young man successfully executed a SIM-swapping scheme that allowed him to steal CAD $48 million (about $34.6 million USD) from a single victim. By tricking a phone company employee into reassigning the victim’s number to himself, he was able to intercept two-factor authentication codes, gaining access to online accounts and funneling digital assets into wallets he controlled.
New Crime: Social Media Fraud
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 claim 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.
Sentencing and Consequences
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.
This case highlights the importance of protecting personal information and online accounts, especially in light of the growing prevalence of cryptocurrency and online fraud.
