A Hamilton man already notorious for orchestrating one of the largest crypto thefts in Canadian history has been sentenced to another year behind bars in the US for a separate $1 million scam. Key Takeaways: The Canadian behind a record $48M crypto theft has been jailed again in the US for a new $1M scam. While on bail, he ran another scheme targeting 200 victims using hijacked X accounts. US prosecutors call him a ‘serial online fraudster’ who exploited SIM swaps and phishing to steal crypto. Now in his early 20s, the man, whose identity remains protected under Canada’s Youth Criminal Justice Act, was found guilty of targeting roughly 200 individuals in a 2022 fraud campaign while he was out on bail. His prior offense was a staggering $48 million crypto heist pulled off at the age of 17 using a SIM swap trick to take over American tech entrepreneur Josh Jones’ accounts. US Prosecutors Label Canadian Hacker a ‘Serial Online Fraudster’ In court filings , US prosecutors branded him a “serial online fraudster” who had willingly plunged himself into cybercrime. His legal team painted a different picture, one of a troubled Ontario youth shaped by the internet, seeking validation in online communities. The 2020 theft shocked authorities. He had impersonated Jones to manipulate his telecom provider into reassigning the SIM card tied to Jones’ phone. With access to two-factor authentication codes, he drained the entrepreneur’s wallet and laundered the funds. A clue that led police to the teen was his purchase of the PlayStation username “God” shortly after the heist, paid for with stolen bitcoin. The digital trail led authorities to a PlayStation console in his home, sealing the link. Despite a public apology and a pledge to change, court documents reveal the young man returned to fraud almost immediately. US attorneys say that during his release, he and co-conspirators manipulated staff at X into giving them access to high-profile accounts. They then promoted fake crypto raffles, draining users’ wallets through phishing sites. 7% of Canadians who reported owning crypto assets in 2023 used their crypto to pay a ransom, according to a recent survey by the Ontario Securities Commission. pic.twitter.com/wHKJktk3UM — John Paul Koning (@jp_koning) March 19, 2024 The new wave of thefts, combined with his ongoing mental health struggles and drug use following juvenile detention, formed the basis for his most recent sentencing in Virginia. He has been ordered to pay $320,000 in restitution and an $83,000 fine. His American defense lawyer, Stuart Sears, emphasized that his client now understands the damage he caused. “He is painfully aware of the errors in his judgment,” Sears wrote. The man is expected to be deported to Canada after serving his US sentence. Investor Loses $3M in Crypto Phishing Scam As reported, a cryptocurrency investor has fallen victim to a phishing scam , losing $3.05 million in Tether (USDT) after unknowingly signing a malicious blockchain transaction. The loss, flagged by blockchain analytics platform Lookonchain on Wednesday, underscores the rising threat of phishing attacks targeting digital asset holders. The attacker exploited a common habit among crypto users: validating only the first and last few characters of a wallet address while ignoring the middle. Crypto investors lost over $2.2 billion to hacks , scams, and breaches in the first half of 2025, driven largely by wallet compromises and phishing attacks, according to CertiK’s latest security report. Wallet breaches alone caused $1.7 billion in losses across just 34 incidents, while phishing scams accounted for over $410 million across 132 attacks. The post Canadian Behind $48M Crypto Theft Jailed Again in US for New $1M Scam appeared first on Cryptonews .
