2 Canadian Teens Steal $4 Million in Crypto, Posing as Coinbase Employees!

<p>&nbsp;"Hey, you're already good at cheating, what are you going to do?"</p><p><br /></p><p>Two 17-year-old boys from Hamilton, Ontario were arrested for stealing Bitcoin (BTC) and Ethereum (ETH) worth more than $4 million from a man in the United States (US) through a "spear phishing attack".</p><p><br /></p><p>Hamilton police reportedly partnered with the US Federal Bureau of Investigation (FBI) and the Secret Service Electronic Crimes Task Force in June 2023 to investigate the boy.</p><p><br /></p><p>In context, a spear phishing attack is a form of phishing used by fraudsters, where an individual will reveal sensitive information such as passwords, credit card numbers or other personal data.</p><p><br /></p><p><br /></p><p>Explained further, fraudsters will conduct extensive research to collect various information such as their name, position, company, colleagues and personal details from social media platforms.</p><p><br /></p><p>Once they have such information, fraudsters can create attractive emails or messages that look like reliable sources from colleagues, supervisors or high-performing organizations.</p><p><br /></p><p>Returning to the issue earlier, the two teenagers who used the fake names of Felon and Gaze pretended to be members of the Coinbase crypto exchange support team to take over the victim's digital asset account and subsequently access his digital assets.</p><p><br /></p><p>According to the police, they spent part of the funds to buy the username "@zombie" which is rare in the gaming community but the police seized digital assets worth $13.4 million after the two teenagers were arrested.</p><p><br /></p><p>Although authorities initially arrested both teenagers, only one was charged with theft over $5,000 and possession of property or proceeds of crime while the other was released.</p>