Youth in $37 Million Crypto Heist; BitConnect Ponzi Payout

The Hamilton police in Ontario, Canada, who made the arrest, say the individual allegedly conducted a SIM swap scam, a method that involves convincing a mobile operator’s customer service employee to move a cell phone number to a different SIM card or port it to another carrier, which allows a threat actor to intercept two-factor authorization requests. Joint Investigation The U.S. Federal Bureau of Investigations (FBI) and the United States Secret Service Electronic Crimes Task Force, along with Canada’s Hamilton police jointly investigated the theft of cryptocurrency from a victim located in the United States in March 2020. “The joint investigation revealed that some of the stolen cryptocurrency was used to purchase an online username that was considered to be rare in the gaming community. This transaction led investigators to uncover the account holder of the rare username,” the police notes.