A Canadian teenager has pleaded guilty to conspiracy to commit money laundering after stealing more than $13 million in cryptocurrency through social engineering scams. U.S. prosecutors stated the 20-year-old, Trenton Richard Johnston, and co-conspirators impersonated employees of companies like Google and Trezor to access victims’ funds. The illicit proceeds financed an extravagant lifestyle, including luxury car rentals and private jet trips, before his arrest in March.
A Canadian teen used social engineering to steal over $13 million in cryptocurrency to fund an “exotic lifestyle” in Miami and Los Angeles. U.S. prosecutors detailed his spending on luxury cars, jewelry, and private jet trips.
The then-19-year-old Trenton Richard Johnston was charged in May for a scheme with co-conspirators. They impersonated Google, Trezor, and other crypto firm employees to gain access to victims’ crypto wallets.
Johnston pleaded guilty to conspiracy to commit money laundering this week. This plea avoided further charges that could have carried a maximum 40-year prison sentence.
Social engineering attacks have become widespread in crypto, aided by artificial intelligence tools. “This case shows that some of the biggest crypto thefts today are not driven by sophisticated code exploits, but by basic human manipulation,” stated Cyvers CEO Deddy Lavid.
The conspirators began their scam efforts around January 2024. In one instance, they tricked a California victim into believing someone was accessing their wallet, stealing about $13 million in Bitcoin.
Approximately $1.2 million of the stolen crypto funded a lavish two-month spree. Johnston spent funds on luxury cars, including BMWs and a Lamborghini, with the help of exotic car-rental owner Brandon Tardibone.
Johnston’s activities ended when he was pulled over for speeding in a Rolls-Royce in March. Investigators seized his devices and notes, uncovering his link to the fraud scheme.
He has since turned over approximately 53.16 Bitcoin and 275.23 Ether, worth $3.7 million. Prosecutors recommended a prison sentence of 51 to 63 months for Johnston in return for his full cooperation.
Prosecutors also recommended Tardibone serve 27 to 33 months in prison. He pleaded guilty to money laundering for his role in facilitating the lavish purchases.
This case follows other recent U.S. crackdowns on high-profile crypto scams. In April, a Californian was sentenced to 70 months for a criminal enterprise that stole $263 million.
A Chinese national received a 20-year sentence in February for a global scam stealing over $73 million. Many of those victims were American investors.
“The industry cannot rely on education alone,” Leddy said regarding prevention. He emphasized the need for real-time security controls to detect suspicious behavior before transactions are executed.
