Unveiling the Truth: Police Disprove Alleged Crypto Scam as Two Adolescents Fall Short of Stealing $4.2 Million in Bitcoin and Ethereum

**Teenagers Allegedly Scam Millions in Crypto with Fake Coinbase Scheme**

**The Unraveling of a Crypto Heist**

In a seemingly believable turn of events, two teenagers from Canada allegedly posed as members of Coinbase’s support team and managed to scam an American man out of $4.2 million in Bitcoin and Ethereum. However, this story, which made headlines across various crypto publications, has now been revealed as a hoax.

**Investigation into the Hoax**

Following an email that contained a news release about the arrest of the teenagers, a reporter from the Canadian Broadcast Company published the story. It is yet to be determined if the email was the original source of the story. The Hamilton Police Department, in collaboration with the FBI and the U.S. Secret Service Electronic Crimes Task Force, reportedly worked together to track down the two 17-year-olds who went by the aliases “Felon” and “Gaze.”

**The Truth Unveiled**

Despite the media frenzy surrounding the arrest of the teenagers, it has now been revealed by a source within the Hamilton Police Department that the entire story, from the alleged heist to the arrest, was fabricated. The department is currently conducting an investigation to determine the origin of the hoax and plans to release a statement debunking the story.

**False Reports and Precedents**

This incident is not the first time false reports of crypto theft have made headlines. Back in January 2018, a 15-year-old named Ellis Pinsky, also known as “Baby Al Capone,” allegedly stole nearly $24 million from crypto millionaire Michael Terpin. Pinsky eventually agreed to repay Terpin without admitting guilt.

Furthermore, the Hamilton Police Department itself has dealt with similar cases of crypto theft. In 2021, they investigated and arrested a teenager for stealing almost $35 million in crypto through a technique known as a SIM swap attack. This attack involves scammers porting a victim’s phone number to their own devices to bypass two-factor authentication.

**Increasing Awareness and Collaboration**

Due to such incidents, platforms like Coinbase have allocated significant resources to educate their customers about preventing phishing attacks and scams. They also collaborate with international law enforcement agencies to ensure that those involved in scamming their customers are prosecuted to the fullest extent of the law.


While the alleged heist orchestrated by the Canadian teenagers turned out to be a sham, it highlights the need for increased awareness and vigilance within the crypto community. It also serves as a reminder of the ongoing efforts by industry players and law enforcement agencies to combat crypto-related fraud and protect users from falling victim to such scams.

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