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Cameron Albert Redman, a 22-year-old from Canada, has been sentenced to a year in US federal prison for helping run a scam that stole cryptocurrency and non-fungible tokens (NFTs) by hacking X accounts.
In 2022, Redman and his partners gained access to the X accounts of digital creators and brands, then used those accounts to post links to fake websites.
These websites appeared to be from real artists or companies and promised followers free NFT giveaways.
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People who clicked the links were asked to approve a transaction they thought would deliver digital collectibles to their wallets. Instead, it gave Redman’s group permission to take control of the wallets.
The scammers took both cryptocurrencies and NFTs and sold the assets. US officials stated that over 200 people were tricked, and the group made about $794,000 in a short period of time.
Some of the hacked accounts belonged to public figures and projects like Beeple, Gary Vaynerchuk, the Nouns community, and luxury brand Louis Vuitton.
According to court filings, Redman had already served time in Canada as a teenager for a large SIM-swap theft, which led to more than $40 million in stolen crypto. Authorities described Redman as someone who planned and carried out his actions from his father’s basement.
The charges in this latest case include conspiracy to commit wire fraud, wire fraud, and conspiracy to commit identity theft.
On July 29, Rowland Marcus Andrade, creator of AML Bitcoin, was sentenced to seven years in prison. What caused the sentencing? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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