A Canadian teen has been sentenced for a $37 million Bitcoin (BTC) heist and the hacking of a number of X accounts.
This follows on-chain sleuth ZachXBT’s requires stricter penalties towards SIM swapping and social engineering fraudsters.
Suspect’s Sentence
ZachXBT revealed through a July 29 X put up that Cameron Redman had been convicted and ordered to pay compensation following his involvement in a $37 million Bitcoin theft and a associated X hacking case that the investigator had uncovered.
Courtroom paperwork present that Redman has been sentenced to 12 months and 1 day, adopted by a three-year supervised launch time period for every depend, with all sentences to be served concurrently. He has additionally been ordered to pay a $400 particular evaluation, $248,257.07 in restitution, and a $60,000 nice.
On February 22, 2020, the Canadian teenager used a SIM swap assault to take management of crypto investor Josh Jones’s cellular quantity, permitting him to bypass two-factor authentication and entry his wallets. He then stole 1,547 BTC and 60,000 Bitcoin Money (BCH), valued at round $37 million on the time.
Following the theft, Redman started laundering the stolen property by means of tons of of small transactions. These tokens have been ultimately funneled by means of centralized exchanges in an try to cover the path.
The perpetrator was later linked to phishing scams and the hacking of a number of NFT profiles on X. In line with ZachXBT, in June 2022, Redman provided entry to an inside X panel on the market on the platform SWAPD. This was then bought for 250 ETH and led to the compromise of over 10 accounts and the theft of thousands and thousands by means of phishing scams.
The detective added that the Canadian youth initially used pretend identification paperwork on SWAPD earlier than submitting his actual info, withdrew the sale proceeds by means of Twister Money, after which deposited the funds right into a Stake account.
On-chain information linked the pockets he used to the compromised X accounts. The investigation recognized victims, together with Beeple, DeeKay, Zeneca, Nouns DAO, and JRNY Membership.
Requires Harder Guidelines
The suspect was formally charged on November 17, 2021, by Hamilton Police in Ontario. Authorities recovered $5.4 million in crypto, however the remaining $31.5 million remains to be lacking.
On the time of his arrest, Redman was nonetheless legally underage, which meant his identify remained sealed and his photograph was not launched. ZachXBT has beforehand highlighted how this type of secrecy is a part of the issue, saying the convicted felony’s identification ought to have been revealed earlier on to forestall additional illegal conduct.
Such circumstances are on the rise, with analysis from Keepnet Labs displaying a 1,055% improve in SIM swap incidents within the UK in 2024. Elliptic’s State of Crypto Scams 2025 evaluation additionally highlighted phishing as a key technique utilized by cybercriminals like North Korea’s Lazarus, with attackers more and more automating campaigns utilizing AI instruments.
In the meantime, ZachXBT beforehand reported that between November and December final yr, a single hacker breached over 15 X accounts, stealing greater than $500,000.
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