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A Canadian teenager has been sentenced for a $37 million Bitcoin heist and hacking multiple X accounts, following an investigation by on-chain sleuth ZachXBT. The case highlights the growing threat of SIM swapping and social engineering fraud in the crypto space.
- Cameron Redman used a SIM swap attack to steal 1,547 BTC and 60,000 BCH, worth $37 million, from crypto investor Josh Jones in 2020.
- Redman laundered the stolen funds through hundreds of small transactions and centralized exchanges, later hacking NFT profiles on X and selling access to an internal X panel for 250 ETH.
- ZachXBT emphasized the need for tougher penalties and transparency in such cases, as SIM swap incidents surged by 1,055% in the UK in 2024.
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