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How a Canadian couple lost almost $300,000 in a crypto scam
A Toronto couple has become the latest victims of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme. However, in this case, law enforcement officials managed to recover a “significant portion” of the lost funds and return them to the victims. Another Crypto Scam in Canada Toronto Police Service Announced Earlier this week, an elderly man and his spouse, whose names were not disclosed, were victims of a cryptocurrency scam. The couple was ready to invest their savings somewhere when they were approached online by an unknown person who presented themselves as "professional and knowledgeable" in the investment field. After gaining the trust of the family...
How a Canadian couple lost almost $300,000 in a crypto scam
A Toronto couple has become the latest victims of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme.
However, in this case, law enforcement officials managed to recover a “significant portion” of the lost funds and return them to the victims.
Another crypto scam in Canada
The Toronto Police ServiceannouncedEarlier this week, an elderly man and his spouse, whose names were not disclosed, fell victim to a cryptocurrency scam.
The couple was ready to invest their savings somewhere when they were approached online by an unknown person who presented themselves as "professional and knowledgeable" in the investment field. After gaining the family's trust, he advised them to distribute their funds on a fraudulent crypto platform. The malefactor then asked victims to send some capital to a designated wallet through a legitimate cryptocurrency exchange.
The duo initially saw nothing wrong as the value of their investment grew “significantly” on the application provided by the scammer. At one point they even transferred money directly to the person in question.
The victims began to feel anger when they asked to withdraw some stocks. The scammer insisted that they pay high fees or invest more to complete such transactions. As a result, they parted with almost $300,000.
The Toronto Police Service conducted an investigation and managed to recover a “significant portion of the lost funds.” However, the identity of the fraudster remains unclear and law enforcement officials believed they could be abroad.
Stephen Carr – a resident of Meaford, Ontario – is another Canadian who recently fell victim to a similar scheme. Heseparated from ithis entire life savings of approximately $500,000 after being caught in a crypto scam on YouTube.
Unlike the couple mentioned above, the police were unable to return his money and forced Carr to put his house up for sale so he could reorganize his life.
How to avoid crypto scams
Several investigators and expertsgaveto provide the public with the necessary guidance after the scheme became known. Detective Sean Vandecamp said such methods were very popular and urged people to be extremely careful when investing online.
“The funds are unlikely to be recovered via cryptocurrency, which is why this is such a great success story,” he added.
Andreas Park – Professor of Finance at the University of Toronto – also gave his two cents, arguing that crypto users are particularly vulnerable:
“With this great freedom that you have comes the responsibility – and the problem – that if you send it to the wrong person, it’s just gone.”
Vanessa Iafolla – consultant and fraud prevention lecturer at Wilfrid Laurier University – warned people unfamiliar with cryptocurrencies to avoid offers related to this asset class.
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