Montreal teen allegedly part of a ring that stole more than $50 million in cryptocurrency: Police


Last April, U.S. authorities told their Canadian counterparts that Samy Bensaci was relieving Canadians and Americans alike of their virtual currencies. Now confined to his parents’ house in the city’s northeast, Bensaci faces various fraud-related charges in an Ontario court. (La Presse)

Read this article for free

By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

Already a subscriber?

Talking point: Bensaci allegedly engaged in “SIM swapping,” a decidedly low-tech method of hijacking cryptocurrency accounts. Authorities say ring members acquired the phone numbers of the victims—many of whom were attendees of New York’s Consensus cryptocurrency convention—then impersonated the victims in reporting a stolen phone. Using a new SIM card, they would go about emptying their virtual bank accounts. Among the alleged victims: Toronto businessman Don Tapscott, co-founder and executive chairman of the Blockchain Research Institute.