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July 5, 2023 8:38 AM | 1 min read

Two 17-year-olds from Hamilton, Ontario have been charged after allegedly stealing $4 million in cryptocurrency from a U.S. citizen.

What Happened: The authorities have revealed that the accused teenagers, operating under the aliases Felon and Gaze, exploited a spear phishing attack to deceive the victim into sharing his Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC).

Constable Krista-Lee Ernst, speaking to CBC Hamilton, explained that the attackers employed a well-known technique known as spear phishing.

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This targeted attack method involves impersonating a trusted entity to manipulate individuals into divulging sensitive information that can be leveraged to compromise their accounts.

In this specific instance, the accused teenagers assumed the identity of Coinbase Support, a prominent cryptocurrency exchange platform, to gain control over the victims crypto exchange portfolios.

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Collaborative Investigation and Arrests: The cybercrime came to light in June 2023, sparking a joint effort by Hamilton Police, the Federal Bureau of Investigation, and the Secret Service Electronic Crimes Task Force to uncover the perpetrators behind the theft.

After a thorough investigation, the two teenagers were apprehended by the authorities.

Price Action: At the time of writing, BTC is trading at $30,818, down 0.70% in the last 24 hours, according to Benzinga Pro.

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How Two Canadian Teenagers Stole Bitcoin, Ethereum Worth $4M From A US Resident Pretending To Be Coinbase - Benzinga