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South Bay tech crime team aids bust in big Bitcoin theft

cryptonews100_tggfrn by cryptonews100_tggfrn
November 18, 2021
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A Canadian youth has been arrested in reference to an eight-figure Bitcoin theft reported final yr, following an FBI and Secret Service investigation aided by a tech-crime team run out of the Santa Clara County District Lawyer’s Workplace.

Police in Hamilton, Ontario — about 40 miles southwest of Toronto — introduced Wednesday {that a} minor had been implicated in a March 2020 Bitcoin theft involving greater than $36 million, which marks the biggest identified cryptocurrency theft from a single individual, in keeping with authorities.

Authorities additionally confirmed that the theft sufferer was Josh Jones, who gained prominence as an early Bitcoin investor.

The theft was initially reported to the FBI Los Angeles workplace. The South Bay-based Regional Enforcement Allied Pc Team was consulted due to its comparatively intensive expertise investigating cryptocurrency theft instances over the previous 4 years.

DA investigator David Berry stated the team helped federal and Canadian authorities navigate the intricacies of what’s referred to as a “SIM swap” hack. A SIM swap usually entails hackers getting a cell phone provider to switch entry to a focused individual’s telephone quantity, from the registered SIM card to one in all theirs.

“Being in the early wave has put us in the place of getting quite a lot of expertise in the way to go about investigating these instances,” he stated.

Some SIM swap instances contain unlawful insider entry, although many intruders will comb via an individual’s social media profile or use phishing emails to get solutions to safety questions. As soon as they’ve entry to an individual’s textual content messages, they’ll bypass most digital safety boundaries to banking, social media and cryptocurrency accounts.

Berry stated as soon as the March 2020 theft started garnering average consideration in mainstream media and large consideration amongst cryptocurrency boards and blogs, his team started getting suggestions concerning the theft. They alerted the lead investigators in the case.

“Folks got here out of the woodwork to (contact) our tip line,” Berry stated.

The surge of suggestions could have been influenced by the worldwide status — and in some circles, notoriety — the team has garnered for its cryptocurrency investigations. The group secured the country’s first-ever SIM swap conviction for a Boston man who used the strategy to steal $7.5 million in cryptocurrency from victims in California.

Police say the Canadian case gained traction after investigators found that among the stolen funds had been used to purchase “a web-based username that was thought-about to be uncommon in the gaming neighborhood,” and that allowed them to find the account holder.

The minor who was arrested is being prosecuted in Ontario, Canada. Police say they’ve seized greater than $5.5 million in cryptocurrency associated to the case.

Berry stated there’s a variety of financial restoration in these sorts of thefts, in half as a result of the foreign money may be cut up and distributed rapidly and might turn into troublesome if not unimaginable to hint.

“In some instances we’ve recovered each cent,” he stated, “However in different instances, we’ve gotten nothing.”



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