Canadian youths allegedly stole more than $4 million in crypto by impersonating Coinbase support. The court arrested the perpetrators who targeted a US victim. The Prosecutor’s Office filed a lawsuit against the suspects for various crimes.
Teens stole $4.2 million from BTC and ETH!
According to CBC’s report, two Canadian teenagers were caught. The teenagers were charged in connection with the theft of $4.2 million in cryptocurrencies. The accused youths allegedly stole significant amounts of money in Bitcoin (BTC) and Ethereum (ETH) by posing as Coinbase support and gaining unauthorized access to a victim’s exchange account. The last theft amounted to $4 million. However, teens have control over a total of $13.4 million in cryptocurrencies.
const. Krista-Lee Ernst, a police officer from Hamilton, Ontario, described the method used by criminals as spear phishing. In this technique, scammers target a specific person. Then he manipulates it into revealing his account information. Authorities did not reveal the identities of the youth. However, they noted that they used the nicknames “Felon” and “Gaze”. Some of the stolen money was reportedly used to purchase a social media account, specifically the “@zombie” Instagram account.
The court arrested the two teenagers. The prosecution charged him with theft of over $5,000 and possession of property or property proceeds from the crime. The local Canadian police reported the incident. However, despite this, leading US judicial authorities played an important role in the investigation. According to Ernst, the US Federal Bureau of Investigation (FBI) and the US Secret Service’s Electronic Crime Task Force (ECTF) launched the investigation in June 2023. The victim of the theft is also reported to be a US citizen.
Coinbase is often impersonated by
Coinbase is a major worldwide cryptocurrency exchange. Therefore, it is also targeted by scammers. Scammers often imitate the stock market. In 2021, the company admitted to a massive phishing attack in which 6,000 users’ funds were stolen between March and May. Coinbase has promised to repay the losses incurred during this period.
cryptocoin.comAs you follow, in 2022, a group of investors complained about Coinbase. Complainants claimed that the exchange did not take adequate measures to prevent fraud. Meanwhile, Coinbase is warning users on how to identify and prevent phishing scams. It has a special page on its site to educate users on this subject.
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