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New Biggest Crypto Theft Conducted by American Teen? Canadian Police Arrest Young Thief After Stealing $36.5 Million Digital Coins

A new giant crypto theft was confirmed to be conducted by a teen residing in the United States. The Canadian police department announced that the malicious activity stole around $36.5 million worth of digital currencies. 

(Photo : Photo by OZAN KOSE/AFP via Getty Images)

Physical imitation of Bitcoins are pictured at a cryptocurrency exchange branch near the Grand Bazaar in Istanbul on October 20, 2021, a day after Bitcoin took another step closer to mainstream investing with the launch of a new security on Wall Street tied to futures of the cryptocurrency. (Photo by Ozan KOSE / AFP)

Right now, criminals, including online attackers, are creating new ways and malicious tools to steal cryptocurrencies, especially since the blockchain market is growing rapidly. 

As of the moment, Bitcoin, Ethereum, and other big brands’ values are increasing as more investors become interested. Tesla and other giant tech manufacturers already own crypto assets as they believe digital coins could have long-term benefits. 

However, some companies are still hesitant when it comes to risking their finances since cryptocurrencies are still unstable. Recently, we reported that Twitter’s crypto investment is still far from reality, which was confirmed by the social media giant’s CFO.  

New Giant Crypto Theft 

According to Engadget’s latest report, the Canadian police have already caught the teen behind one of the biggest crypto theft to date. 

(Photo : Photo Illustration by Dan Kitwood/Getty Images)

In this photo illustration a visual representation of the digital currency Bitcoin sinks into water on August 15, 2018 in London, England. Most digital currencies including Bitcoin, (BTC) Ethereum, (ETH) Ripple (XRP) and Stella (XLM) have seen a dramatic fall in their prices throughout 2018 amid a ‘mass sell-off’. In December 2017 the price of BTC hit $20,000 USD but has since fallen to around $6000 USD.

Also Read: New York-Based Investment Firm Says Top Crypto Will ‘Easily Trade’ at $500,000

They explained that the young thieves targeted a cryptocurrency owner that was already a victim using a SIM swap attack. Based on the investigation’s results, the malicious actor breached his victim’s smartphone using the said malicious technique. 

After that, he was able to acquire the two-factor authentication requests sent to the individual’s device. This is not the only massive blockchain theft that has happened ever since the crypto market boomed. 

If you want to see more details about other giant crypto thefts, you can visit this link.  

Do These if Your Crypto is Stolen

Since hackers and other criminals are now focusing on the blockchain market, more crypto thefts could happen in the near future. 

Because of this, CNET provided some of the things you need to do if ever you fall as one of the victims: 

  • Contact your crypto’s customer service right away. 
  • Make sure that the remaining digital coins are protected from a follow-up attack. 
  • Don’t forget to report the malicious activity to the police department or other authorities. 

In other news, the crypto crackdown in China is now becoming more serious than ever. 

For more news updates about crypto and other similar topics, always keep your tabs open here at TechTimes.  

Related Article: 90 Million USDT Transferred from Unknown to Binance | Buy the Dip?

This article is owned by TechTimes

Written by: Griffin Davis

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