A Canadian teenager has been nabbed for perpetrating a scam worth $50 million in cryptocurrencies. According to reports, the accused, Samy Bensaci carried out the scam using SIM-swapping methods.

Bensaci was part of a ring of fraudsters that successfully stole the digital assets in question by hacking mobile phones belonging to crypto holders both in Canada and in America. Bensaci is 18 years old and a resident of Montreal.

The crime took place in spring of 2018 but the teenager was not arrested until November 2019 by police in Victoria, British Columbia. Among his victims were two popular Canadian crypto consultants. They include head of Blockchain Research Institute Don Tapscott, along with investor, advisor and blockchain and crypto expert, Alex Tapscott – Don’s son. They both co-authored a blockchain book titled “Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World.”

Speaking on the crime, Canadian police spokesman Lieutenant Hugo Fournier said that Bensaci’s ring is responsible for stealing “$50 million from our neighbours to the south and $300,000 in Canada.”

At the time of his arrest, the teenager was charged with committing fraud of more than $5,000, identity fraud, unauthorized access to data and a few more. About a month later in December last year, Bensaci was released on bail. His bail was set at $200,000 and was on the condition that he remains with his Montreal-based parents until the next time he is due in court.

Last year, an American student was sentenced to 10 years in prison for a similar crime.

Image Credits: Pixabay

The post Canadian Teenager Faces Charges For Role In $50 Million SIM-Swapping Crypto Theft appeared first on Latest Crypto News.

This content is synced from the rightful owners. Copyright on text and images belong to the original source.

This article was first published on: Latest Crypto News