Canadian Steals $48M in Crypto – Scams Another $1M While on Bail

A Canadian man has pulled off one of the country’s biggest crypto thefts — and didn’t stop there. After stealing CAD$48 million in digital assets in 2020, he was released on bail… only to scam another CAD$1 million from nearly 200 victims. His story is a cautionary tale of deception, digital crime, and repeated chances gone wrong.

First Heist

Back in 2020, the man — who can’t be named publicly because he was a minor at the time — executed a high-level SIM swap attack. His target? Josh Jones, the co-founder of DreamHost, a well-known web hosting company.

By hijacking Jones’ phone number, the man was able to gain access to his cryptocurrency accounts and steal roughly CAD$48 million (AU$52.1 million) in digital assets. It was one of the biggest personal crypto thefts in Canadian history.

Authorities caught up with him thanks to a curious clue. After the theft, he used Bitcoin to purchase a rare PlayStation Network username — “God” — paying over CAD$30,000 for it. Investigators traced the account back to a PlayStation found at his residence, linking him to the crime.

Released

The man was eventually convicted and spent about a year in custody before being granted bail in May 2022. Along with bail, he received a year of probation and was ordered to repay what remained of the stolen funds — about CAD$2.5 million.

In court, both the man and his lawyer claimed he had changed. His defense lawyer told the judge, “There’s a burning desire on his part to make things right.” The man echoed that sentiment, stating he had taken time to reflect and learn from his actions.

Turns out, those words were hollow.

Second Scam

While still out on bail for the CAD$48 million theft, the man jumped right back into the world of cybercrime — this time by scamming X (formerly Twitter) users.

Working with a group of online fraudsters, he targeted high-follower X accounts — those with audiences in the hundreds of thousands. The group tricked X’s support team into changing the account contact details, giving them control of the profiles.

Once in, they posted fake contests designed to lure followers into phishing traps. Victims were directed to fake websites where they were asked to enter their crypto wallet recovery phrases — essentially handing over access to their assets.

The scam worked. Over 200 victims lost a total of approximately CAD$1 million (AU$1.08 million).

Sentencing

For this second round of crimes, the man was handed a one-year prison sentence in the United States. He was also ordered to repay around CAD$320,000 (AU$347,000) to victims — a figure considered to be a conservative estimate of the real damages. On top of that, he faces an additional fine just under CAD$83,000 (AU$90,000).

His defense attorney in the U.S., Stuart Sears, told the court that drug use contributed to his relapse into criminal behavior. Sears claimed the man started using “dangerous narcotics” while in detention for his earlier offense, and that addiction played a major role in his decision-making.

In a court filing, Sears stated, “He is now a young man who is painfully aware of the errors in his prior judgment and thinking… And for the first time, he understands what it is that he stands to lose.”

Reality

This case raises serious questions about how authorities handle repeat cybercriminals — especially those with the skills and means to continue operating from behind a screen. Despite prior convictions, court-mandated repayments, and public declarations of remorse, this individual reoffended almost immediately.

The digital nature of his crimes — SIM swaps, phishing, fake contests — shows just how easily tech-savvy individuals can exploit platforms and people. It also reveals how challenging it is for the legal system to stop these individuals, especially when they’re skilled at staying one step ahead.

While the man now faces jail time and significant financial penalties, the damage to victims has already been done. And for those scammed while he was supposed to be turning over a new leaf, the story likely feels like betrayal — not just by the fraudster, but by a system that gave him a second chance too soon.

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