Two teenagers face charges of stealing $3 million in cryptocurrency in Canada

The stolen crypto was only a small part of the $10 million the police found when they arrested the teens

Two adolescents have been criminally charged by the Hamilton, Ontario police for their involvement in a grand theft of CAD4.2 million (US$3 million) worth of digital currency belonging to an individual from the US. As big of a score as it was, the amount is only a fraction of what the police found in the teens’ wallets after arresting them.

Police have revealed that a portion of the funds was utilized in the acquisition of social media profiles, while two adolescents from Hamilton possessed over CAD$13.4 million (US$10 million) worth of cryptocurrency. Constable Krista-Lee Ernst told CBC Hamilton that a joint inquiry commenced in June 2023 in collaboration with the FBI and the US Secret Service Electronic Crimes Task Force,

According to her statement, the duo, going by the monikers “Felon” and “Gaze,” employed fraudulent tactics, specifically spear phishing, to deceive the victim and obtain Ethereum and Bitcoin. Spear phishing comprises impersonating individuals or entities in order to deceive victims into divulging account-unlocking information.

The ruse was obviously highly successful, with the unidentified victim unaware that the people who had contacted him were not with Coinbase Support as they claimed. He gave the crooks all the info they needed to access his account and steal his funds.

According to Ernst, the criminal duo had a relatively low bar set on how to spend the funds. One of the first purchases they made was of “@zombie,” an Instagram handle. This particular username reportedly holds great value within the gaming community due to its rarity, but the officer didn’t reveal how much the thieves spent to purchase it.

The crooks now face multiple charges. Among them are theft exceeding CAD5,000.00 (US$3,769) and the possession of property or profits obtained illegally.