Canada's Crypto Thief Gets Caught! What Were His Crime?

Canada’s crypto crime history just hit another milestone. A young man from Hamilton, Ontario, once responsible for the largest individual crypto theft in the nation, has been sentenced to one year in prison after returning to fraud despite being released on bail.

His case highlights the growing sophistication of crypto scams and the dangers of underestimating digital security.

Read Also: How to Buy Crypto in Canada: A Guide

Key Takeaways

• Canada’s largest crypto thief stole CAD $48 million (USD $34.6 million) at age 17 through a SIM swap scam in 2020.
• He was later released on bail but returned to crime, hijacking social media accounts to promote fake links.
• His second spree netted around CAD $1 million from unsuspecting victims.
• A Canadian court sentenced him to one year in prison for the new crimes, while the original heist remains notorious.
• The case underlines the importance of stronger two-factor authentication security and vigilance against social engineering.

The CAD $48 Million SIM Swap Heist

The story began in 2020, when the thief, then only 17, carried out a SIM-swapping scheme. By convincing a phone company employee to reassign a victim’s phone number, he intercepted two-factor authentication codes, giving him direct access to crypto wallets and exchange accounts.

Within a short period, he drained CAD $48 million from a single victim, marking what is believed to be the largest individual crypto theft in Canadian history.

In a twist, investigators traced him after he traded part of the stolen Bitcoin to a PlayStation user in exchange for a gaming handle. That simple mistake connected him back to the massive theft.

Released on Bail, But Back to Crime

Despite being arrested and charged, the thief was released on bail in 2022. Instead of staying clear of further trouble, he orchestrated another series of scams.

This time, he hijacked popular social media accounts and used them to push fraudulent links. By tricking followers into granting access to their crypto wallets, he managed to steal an additional CAD $1 million.

Prosecutors revealed that hundreds of victims were targeted in this second spree, showing the thief’s unwillingness to stop even while under legal scrutiny.

Sentenced to Prison

On September 14, 2025, a Canadian court finally sentenced him to one year in prison for his new wave of crimes. While much of the stolen cryptocurrency has not been recovered, the sentencing sends a signal about the seriousness of crypto fraud in Canada.

Notably, the original CAD $48 million heist committed as a minor remains one of the most infamous cases in Canadian crypto history.

Lessons for the Crypto Community

This case is a stark reminder of the vulnerabilities in crypto security. SIM-swapping remains a major threat because it exploits weaknesses in telecom infrastructure rather than blockchain itself. Once attackers gain control of a victim’s number, two-factor authentication codes can be intercepted with ease.

The case also underscores the risks of trusting links and social media promotions. Scammers thrive on hijacked accounts and community trust to lure victims into traps.

Final Thoughts

Canada’s biggest crypto thief may now be behind bars, but the ripple effects of his crimes continue. With millions still missing and hundreds of victims left scammed, his story highlights the need for stronger user security, telecom safeguards, and vigilance in an era where digital assets can vanish with a single code.

Read Also: Where to Trade Futures in Canada: The Complete Guide

FAQs

Who is Canada’s largest crypto thief?

A young man from Hamilton, Ontario, carried out a CAD $48 million SIM swap heist in 2020 at age 17, marking the largest individual crypto theft in Canada.

How did he steal the crypto?

He executed a SIM swap by tricking a telecom employee into transferring a victim’s number. This gave him access to two-factor authentication codes and control of the victim’s accounts.

What crimes did he commit after being released?

He hijacked popular social media accounts and used them to promote fraudulent links, stealing another CAD $1 million from hundreds of victims.

What sentence did he receive?

In September 2025, a Canadian court sentenced him to one year in prison for his second wave of crypto thefts.

What lessons can crypto users learn from this case?

Always secure accounts with stronger authentication methods, avoid SMS-based 2FA when possible, and be cautious about links shared on social media.