Canada Shuts Down Numerous Crypto Scams


Alex Dovbnya

Canadian Police Stopped Countless Fake Cryptocurrency Fraud

The Royal Canadian Mounted Police has cracked down on cryptocurrency scams, according to a report by The Vancouver Sun

Canadian authorities have blocked several fraudulent crypto platforms that have unsuspectingly lured into parting with their funds.

The crackdown, which has been going on for several years, is the result of a series of complaints from victims.

The rogue websites in question are said to trick users with flashing ads that promise exorbitant returns. Some of the victims, who were suspicious of the legitimacy of such an offer, ended up getting trapped after being repeatedly attacked with aggressive advertisements.

The police urged investors to exercise caution when dealing with cryptocurrencies due to the spread of such scams.

The Alberta Securities Commission (ASC) issued a cryptocurrency-related warning last month, urging investors to ignore unsolicited recommendations to invest in cryptocurrencies.

The Canadian Anti-Fraud Center estimates that the number of cryptocurrency-related scams has increased by more than 5,600% since 2015.

Earlier this month, local media reported that an Ontario man had lost savings all his life after falling victim to a crypto scam.

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