According to a recent report by Infosecurity, a teenager from Montreal is facing a variety of charges in connection with a $50 million SIM-Swapping scam that was intended to target two Canadian Blockchain experts.

Samy Bensaci is only 18 years old but it’s already being charged with 4 different criminal charges for being a part of a crime rig that stole close to $50 million.

Bensaci was arrested in Victoria, British Colombia back in November and was charged with committing identity fraud and illegally accessing computer data. Bensaci was released on a $200,000 bail back in December but was eventually charged again recently.

Crypto Crime on the Rise

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Cryptocurrency crime has become quite popular lately as more methods are being invented every day to steal cryptocurrencies. Bensaci was actually staying with his parents and is now prohibited from accessing any computer, mobile phone and even game consoles or any device capable of accessing the Internet.

According to recent statistics from CipherTrace, cryptocurrency crime losses hit around $4.4 billion by September 2019.

“The 150% increase in crypto theft and fraud reflects how criminals are adapting for bigger and better scores,”

Said Dave Jevans, CipherTrace chief executive officer.

Cryptocurrencies have attracted more extreme regulations around the world as investors and developers are trying to push the blockchain technology into the mainstream.

One of the biggest frauds happened with PlusToken, an alleged Ponzi scheme involving losses close to $2.9 billion.