A young man from Canada has been found guilty in a major cryptocurrency fraud case involving a staggering $37 million Bitcoin theft. The case also involved a series of hacks targeting various accounts on the social media platform X back in 2020. The investigation and initial discovery were significantly aided by the on-chain investigator known as ZachXBT, a consistent advocate for stronger measures against online fraud and schemes like SIM swapping [1].
Cameron Redman, the individual convicted, received a sentence of one year and one day in prison. Following this, he will be subject to three years of supervised release for each charge, all sentences to be served concurrently. The court also ordered Redman to pay $248,257.07 in restitution, along with a $60,000 fine and a $400 special assessment [1].
The elaborate scheme began in February 2020. Redman initiated a SIM swap attack, effectively taking control of the phone number belonging to cryptocurrency investor Josh Jones. This maneuver allowed him to circumvent two-factor authentication protocols and gain unauthorized entry to Jones’s digital wallets. He proceeded to steal 1,547 BTC and 60,000 BCH, which at the time had a combined value of approximately $37 million. Following the theft, Redman made efforts to conceal the origins of the stolen funds by processing them through hundreds of smaller transactions before ultimately depositing them into centralized exchanges, aiming to further obscure the trail [1].
The story didn’t end with the Bitcoin theft. In June 2022, Redman was implicated in phishing scams and the unauthorized access of numerous X accounts. Reports indicate that he offered access to an internal X administrative panel for sale on the SWAPD platform, which was purchased for 250 ETH. This transaction led to the compromise of more than 10 accounts and resulted in millions of dollars being stolen through various phishing attacks. Redman initially used fabricated identification documents on SWAPD, later providing his real information. He then moved the ill-gotten gains through the Tornado Cash mixer before depositing them into a Stake account [1].
The investigation subsequently revealed that the stolen assets were linked to the hacked X accounts belonging to several prominent figures and organizations, including Beeple, DeeKay, Zeneca, Nouns DAO, and JRNY Club. Despite the dedicated efforts of law enforcement, only $5.4 million in cryptocurrency was recovered, leaving $31.5 million still unaccounted for [1].
The Hamilton Police in Ontario officially charged Redman on November 17, 2021. At that time, he was still a minor, a factor that contributed to the decision not to disclose his identity, including the release of his photograph. ZachXBT has openly criticized this approach, arguing that increased transparency is vital to deter potential future crimes and protect victims [1].
This case serves to highlight the growing threat posed by SIM swapping and social engineering attacks within the cryptocurrency sphere. Data from Keepnet Labs shows a significant surge in SIM swap incidents in the UK, rising by a staggering 1,055% in 2024. Similarly, Elliptic’s 2025 “State of Crypto Scams” report indicates that phishing remains a primary tactic employed by cybercriminals, with the increasing use of AI-driven automation making these attacks both larger in scale and more sophisticated [1].
The incident also brings to light the difficulties that law enforcement agencies face when trying to track and prosecute digital crimes. Even with a sophisticated investigation, a significant portion of the stolen funds remain missing, underscoring the importance of greater collaboration between cryptocurrency platforms and regulatory agencies.
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/)