FACTOR hit with bizarre cybertheft
FACTOR, the organization that helps fund Canadian musical talent, is out nearly $10 million thanks to a weird cybertheft situation involving unknown persons and Scotiabank.
FACTOR (which stands for Foundation Assisting Canadian Talent on Recordings, in case you didn’t know), says that $9.8 million was siphoned from its Scotiabank account back on June 12 after the Department of Canadian Heritage deposited $14.3 million into their account. Somehow, a cyberthief gained access to that account and transferred out US$9.8 million. From there, the money seems to have gone through some crypto wallets and may have been used for some bitcoin mining machines.
Court filings allege that a numbered company in Quebec is somehow involved. That company denies they have anything to do with the theft. Meanwhile, FACTOR and Scotiabank are going back and forth over who is responsible. Toronto Police have yet to assign an investigator to the case.
It’s all quite complicated, but it was front-page news with the Globe and Mail today (November 25).
Last year, FACTOR gave out $51 million to help with the development of Canadian artists.
