Bitcoin News Today: Canadian Teen Sentenced for $37M Bitcoin Heist and X Account Hacks

A Canadian teenager has been convicted in a $37 million Bitcoin heist and a 2020 hacking spree targeting multiple X accounts, marking one of the most significant cryptocurrency fraud cases in recent years. The case was uncovered and brought to light by on-chain sleuth ZachXBT, who has consistently advocated for stronger enforcement against digital fraud and SIM swapping schemes [1].

The convicted individual, identified as Cameron Redman, was sentenced to 12 months and one day in prison, followed by a three-year supervised release term for each count. These sentences will be served concurrently. Redman was also ordered to pay restitution totaling $248,257.07, along with a $60,000 fine and a $400 special assessment [1].

The scheme began in February 2020 when Redman executed a SIM swap attack to gain control of crypto investor Josh Jones’s phone number, allowing him to bypass two-factor authentication and access Jones’s digital wallets. He stole 1,547 BTC and 60,000 BCH, which were valued at approximately $37 million at the time. After the theft, Redman attempted to launder the stolen funds through hundreds of small transactions before channeling them into centralized exchanges to obscure the trail [1].

The case did not end there. In June 2022, Redman was linked to phishing scams and the unauthorized access of multiple X accounts. He reportedly offered an internal X administrative panel for sale on the platform SWAPD, which was purchased for 250 ETH. This led to the compromise of over 10 accounts and the theft of millions through phishing attacks. Redman initially used fake identity documents on SWAPD before submitting his real information and then moving the illicit proceeds through Tornado Cash before depositing them into a Stake account [1].

The investigation revealed that the stolen assets were connected to the hacked X accounts of high-profile individuals and entities, including Beeple, DeeKay, Zeneca, Nouns DAO, and JRNY Club. Despite the efforts of law enforcement, $5.4 million in cryptocurrency was recovered, while the remaining $31.5 million remains untraced [1].

Hamilton Police in Ontario formally charged Redman on November 17, 2021. At the time, he was still a minor, which contributed to the non-disclosure of his identity, including the release of his photograph. ZachXBT has criticized this approach, arguing that transparency is essential to deter future crimes and protect victims [1].

The case highlights the growing threat of SIM swapping and social engineering attacks in the cryptocurrency space. According to Keepnet Labs, SIM swap incidents in the UK rose by 1,055% in 2024. Similarly, Elliptic’s 2025 State of Crypto Scams analysis reported that phishing remains a primary tool for cybercriminals, with AI-driven automation increasing the scale and complexity of these attacks [1].

This incident also underscores the challenges law enforcement faces in tracking and prosecuting digital crimes. Despite the sophistication of the investigation, a large portion of the stolen funds remains unaccounted for, illustrating the need for enhanced collaboration between crypto platforms and regulatory bodies.

Source: [1] Canadian Teen Convicted in $37M Bitcoin Heist and 2020 X Hacking Spree (https://cryptopotato.com/canadian-teen-convicted-in-37m-bitcoin-heist-and-2020-x-hacking-spree/)