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Fortune
Fortune
Ben Weiss

The crypto scam that wasn’t: 2 teens reportedly stole $4.2 million in Bitcoin and Ethereum. Police say it never happened

Hooded computer hacker stealing information with laptop. (Credit: Illustration by Fortune; original photos by Getty Images)

It seemed like a perfectly believable story: Two teenagers in Canada posed as members of Coinbase’s support team and scammed an American man out of $4.2 million in Bitcoin and Ethereum.

After seeing an email with a news release about the supposed arrest of the teenagers, a reporter from the Canadian Broadcasting Corp. (CBC), one of Canada’s leading news outlets, ran the since-deleted story, according to a member of the Hamilton Police Service familiar with the matter. (However, whether that email was the ultimate source for the story has yet to be determined.) The police in Hamilton, a city near the border of New York, reportedly teamed up with the FBI and the U.S. Secret Service Electronic Crimes Task Force to pin down the two 17-year-olds, who went by the aliases “Felon” and “Gaze.”

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