tl;dr
Canadian teenager Cameron Redman was sentenced to 12 months and 1 day in jail plus three years of supervised release for his role in a $37 million Bitcoin theft and hacking of multiple X accounts. Using a SIM swap attack, Redman bypassed two-factor authentication to steal 1,547 BTC and 60,000 Bitcoi...
A Canadian teenager, Cameron Redman, has been sentenced for his role in a $37 million Bitcoin heist and the hacking of several X accounts. The incident, uncovered by on-chain investigator ZachXBT, involved a sophisticated SIM swap attack that enabled Redman to bypass two-factor authentication and steal 1,547 BTC along with 60,000 Bitcoin Cash. The stolen assets were laundered through multiple small transactions and centralized exchanges to obfuscate the trail.
Redman received a sentence of 12 months and 1 day in jail, followed by three years of supervised release per count, with all sentences served concurrently. He was also ordered to pay a $400 special assessment, $248,257.07 in restitution, and a $60,000 fine. The hacking spree included phishing scams and unauthorized access to NFT profiles, with connections to high-profile victims like Beeple and Nouns DAO. Redman was even involved in selling access to an internal X panel for 250 ETH, which facilitated further account compromises and phishing scams worth millions.
Despite recovering $5.4 million of the stolen cryptocurrency, $31.5 million remains missing. Redman’s identity remained sealed at the time of his arrest, raising concerns about the effectiveness of legal secrecy in deterring crime. ZachXBT and others have called for stricter penalties and more transparency to combat social engineering fraud such as SIM swapping.
The case highlights a growing trend in cybercrime, with a reported 1,055% increase in SIM swap attacks in the UK in 2024 and escalating use of phishing by sophisticated groups employing AI automation. Between November and December last year, a single hacker reportedly breached over 15 X accounts, stealing more than $500,000, underscoring the urgent need for enhanced security measures in the crypto and social media spaces.